2005 (4) TMI 28

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....Appellate Tribunal, Delhi Bench "C", New Delhi (for short "the Tribunal"), has referred under section 256(1) of the Income-tax Act, 1961 (for short "the Act"), the following question for the opinion of this court: "Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in cancelling the penalties imposed on the assessee under section 271B on the ground that th....

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....nder section 139(1) of the Act. The due dates for filing return under section 139(1) of the Act were on or before October 31, 1989 and October 31, 1990, respectively. However, the returns of income were actually filed by the assessee on March 26, 1991 and November 1, 1991, respectively, which were accompanied by the audit reports under section 44AB of the Act. Rejecting the stand of the assessee t....

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....on that since the assessee had obtained the audit report as required under section 44AB of the Act on October 28, 1992, i.e., before the specified date and no notice under section 142(1) of the Act had been issued, the provisions of section 271B of the Act were not attracted. On the Revenue's moving application under section 256(1) of the Act, the aforementioned question has been referred to this ....