TaxTMI 
TaxTMI 
2015 (1) TMI 664
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..../s.260A of the Income Tax Act, 1961 is filed against the judgment and order passed by the Income Tax Appellate Tribunal, Ahmedabad Bench in ITA No.361/AHD/1991 dated 20.09.2005 whereby, the appeal filed by the Revenue was allowed. 2. Briefly stated, the appellant-assessee is a Public Limited Company. On 31.12.1993 the assessee filed its Return of income for the A.Y. 1993-94 declaring loss of Rs. ....
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....grieved by the order dated 30.09.1996, the assessee filed appeal before the CIT(A). The CIT(A) allowed the appeal of the assessee vide order dated 10.12.1998. Being aggrieved by the order of CIT(A), the Revenue preferred appeal before the Tribunal. Vide impugned judgment and order dated 30.09.2005, the Tribunal allowed the appeal of the Revenue. Hence, this appeal at the instance of the assessee. ....
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....ty u/s.271B of the Act. 6. Mr. Nitin Mehta learned Standing Counsel appearing for the Revenue submitted sufficient opportunity was granted to the assessee to file the Tax Audit Report, however, the assessee failed to avail all the opportunities provided to it. Further, the assessee also did not respond to the Notice u/s.139(9) of the Act dated 31.03.1994 issued to it. Therefore, penalty u/s.271B ....
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....rein it has been held that liberal approach has to be adopted for determining whether reasonable cause existed or not behind delay in filing audit report. Similar view has been taken by the Allahabad High Court in the case of Commissioner of Income Tax v. U.P. Rajya Sahkari Evam Bhoomi Vikas Bank Ltd, [2013] 353 ITR 152 (All) and by the Punjab and Haryana High Court in the case of Commissioner of ....