2006 (10) TMI 77

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....ounsel for the Revenue. 2 This income-tax appeal was admitted for hearing on the following substantial questions of law : "(a) Whether, on the facts and in the circumstances of the case, the Tribunal ignoring the relevant materials, namely, auditor's letter dated June 5, 1991, before it was justified and did not err in holding that there was no reasonable cause for the delay in submitting th....

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....e reasonable cause within the meaning of section 273B of the Income-tax Act. 4 There is no dispute that initially the income-tax return for the relevant assessment year was filed without audit report. Later on, audit report was filed on June 15, 1991, along with the revised return showing a loss by the appellant-firm. The assessment was completed oh the revised return and thereafter, the notice....

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....show that any effort was made by the assessee to get the accounts duly audited within the scheduled time. 5 According to Mr. Mishra, the certificate is suggestive of the fact that there is no lapse on the part of the assessee and the matter was pending with the auditor who could not undertake the job and finalize the matter within the scheduled time. 6. On the other hand, Mr. Bhuyan submitte....