2005 (3) TMI 47

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....ee under section 260A of the Income-tax Act, 1961 against an order, dated February 21, 2003, passed by the Income-tax Appellate Tribunal (hereinafter referred to as the Tribunal) in I.T.A. No. 543/Ind/1997 for the assessment year 1995-96. This appeal was admitted for final hearing on the following substantial question of law: "Whether the provisions of section 44AB of the Act, which requires fu....

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....e assessee filed the report in Form No. 3CD on January 27, 1996, in place of November 30, 1995, resulting in delay of about two months. It is this event that led the Assessing Officer to issue notice for imposition of penalty under section 271B and accordingly a penalty of Rs. 51,470 was imposed. Though this was set aside by the Commissioner of Income-tax (Appeals), the same was restored by the Tr....

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....ficer is vested with the discretion to condone the delay and relieve the assessee from payment of penalty amount. It then depends upon the facts of each case as to whether a case for acceptance of explanation is made out by the assessee or not. In our opinion, the explanation offered by the assessee in this case ought to have been accepted being a sufficient one. The delay in filing certain for....