2001 (8) TMI 42

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....rt was delivered by JAWAHAR LAL GUPTA J. -The assessee derives its income from business. Its premises were surveyed on November 24,1992. On November 27,1992, the assessee was given a notice under section 271B of the Income-tax Act, 1961. The assessee filed a reply on January 4, 1993. After recording the evidence, the assessing authority levied a penalty of Rs.99,568. The assessee filed an appea....

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.... 24, 1992. His statement was recorded. The relevant portion has been reproduced in the order of the Assistant Commissioner of Income-tax, a copy of which has been produced as annexure P-1. It reads as under: "Question: Where is the audit report? Answer: The report is not lying with me. It is with Shri Jasbir Singh, chartered accountant. Question: Should we go to the office of Sh. Jasbir S....

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....rained to reverse the order passed by the Commissioner of Income-tax (Appeals). Mr. Mittal has produced before us a copy of the affidavit of Mr. Rajinder Kumar Arora which appears to have been verified on January 4, 1993. It is taken on record as mark "A". Counsel submits on the basis of the affidavit that the managing partner of the assessee was not well and, thus, the audit report could not b....