2001 (1) TMI 6

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....ax Act, 1961, on the following question of law: "Whether, on the facts and in the circumstances of the case, any penalty under section 271B is leviable even though the audit report had been obtained within time?" The applicant was given a notice under section 142(1) dated December 28, 1990. In compliance with it, the assessee has filed its return of income with audit report as required under....

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....itioner had submitted the return under section 139 and keeping in view section 139(4) if any person who has not furnished a return within the time allowed to him under sub-section (1), or within the time allowed under a notice issued under sub-section (1) of section 142, may furnish the return for any previous year at any time before the expiry of one year from the end of the relevant assessment y....