2006 (1) TMI 90

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.... Raja J.- The present appeal is filed under section 260A of the Income-tax Act, 1961 by the Revenue, in I.T.A. No. 879/Mds/99 dated February 10, 2005, passed by the Income-tax Appellate Tribunal, Madras "A" Bench raising the following substantial questions of law. "1. Whether, on the facts and circumstances of the case, the Tribunal was right in holding that no penalty is imposable under sectio....

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....the audit report in Form No. 3CD was not furnished to the Department on or before the due date, namely, December 31, 1994, as specified in the Act under section 44AB. A show-cause notice under section 271B was issued to the assessee calling for explanation as to why penalty under section 271B should not be levied for the assessee's failure to furnish the report of audit before the due date, as pro....

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.... for failure to get the accounts audited, obtain a report and furnish the report along with the return filed under section 139(1) or in response to a notice under section 142(1). Since in this case, the report was filed under neither section, the question of specific date does not arise. The Commissioner of Income-tax allowed the appeal. The Revenue took up the matter to the Income-tax Appellate T....

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.... on March 31, 1997. It may be seen that the return was not filed within the time-limit stipulated under section 139(1). The return for the assessment year 1993-94 was time-barred by March 31, 1995, and the Assessing Officer did not issue any notice under section 142(1) calling for furnishing of the return for the said year and so, the return could not be taken as filed in response to a notice unde....