2010 (11) TMI 698

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....ocate for the appellant.   Mr. Vivek Sethi, Standing Counsel for the respondents.   AJAY KUMAR MITTAL, J.   This appeal under Section 260A of the Income-tax Act, 1961 (for short "the Act'") has been filed by the assessee against the order dated 28.6.2000, passed by the Income Tax Appellate Tribunal, Amritsar Bench, Amritsar, (in short "the Tribunal") in ITA No. 485/ASR/1994....

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....itiating any proceedings under that provision of the Act.   The appeal preferred by the appellant against the order of imposition of penalty was dismissed by the Commissioner of Income Tax (Appeals), [hereinafter referred to as "CIT(A)"] vide order dated 19.2.1994 and that order was further confirmed by the Tribunal by the order under appeal here when the appeal was carried to it by the as....

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....t, 1986 w.e.f. 10.9.1986 whereby no penalty under Section 271B was imposable on an assessee or any person where it was established that there existed reasonable cause for said failure. The appellant-assessee firm had sent the account books to its auditors in May 1988 for audit but the audit was not completed till the notice under Section 131 was issued to the assessee. The books of account on prod....

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....ed vide receipt No. 6145 on the same date. The extension was sought up to 9.2.1990 but the said application was not rejected.   (d) The counsel submitted that though, whether reasonable cause exists or not is ordinarily within the realm of appreciation of evidence but where the authorities act on mere presumption and conjecture a substantial question of law arises.   Learned counse....