TaxTMI 
TaxTMI 
2013 (7) TMI 423
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....apses to initiate penal action under section 271B while completing the assessment under section 143(3) read with section 147, when the same was not initiated in spite of availability of all material facts while completing the assessment under section 143(1) ? 2. Whether, on the facts and in the circumstances of the case, non-initiation of penalty under section 271B, while completing the assessment under section 143(1),would show that the Assessing Officer had appreciated the reasonable cause for the delay in obtaining the audit report under section 44AB and consciously condoned the delay and, therefore, not initiated penalty under section 271B ? 3. Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was righ....
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....e Explanation below sub-section (2) of section 288 ; (ii) 'specified date', in relation to the accounts of the previous year relevant to an assessment year means,- (a) where the assessee is a company, the 31st day of December of the assessment year ; (b) in any other case, the 31st day of October of the assessment year." The above clause (ii) is substituted for the following clause (ii) by the Finance Act, 1988, with effect from April 1, 1989 : "(ii) 'specified date', in relation to the accounts of the previous year or years relevant to an assessment year, means the date of the expiry of four months from the end of the previous year or, where there is more than one previous year, from the end of the previous year which expired last bef....
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....heart due to various complaints of breathlessness. He further stated that for more than five years, he was having occasional health problems due to the said defect and on many occasions, he was sick for short periods and was advised by his doctors to take rest. The problem became acute in 1992 and he had to undergo a surgery. In this circumstance, quoting health reasons and lack of sufficient manpower, he stated that he was unable to complete the audit in time and issue necessary report. The chartered accountant further pointed out that he had been the tax auditor for the assessee-company for nearly 20 years and except for the assessment year 1988-89, he had been complying with the provisions of the Act promptly. The Income-tax Appellate Tr....