1999 (11) TMI 22

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....8, passed by the Income-tax Appellate Tribunal, Allahabad, in I. T. A. No. 1736 (All.) of 1994, for the assessment year 1991-92 whereby it upheld an order passed by the Commissioner (Appeals) cancelling a penalty levied by the Assessing Officer under section 271B of the Act. We have heard Sri Shambhu Chopra, learned standing counsel for the Commissioner-appellant. Under section 44AB, as it stood....

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....he assessee's appeal and cancelled the penalty. On further appeal by the Assessing Officer, the Tribunal has upheld the view taken by the Commissioner (Appeals). Patently, during the assessment year concerned, the obligation under section 44AB was merely to get the accounts audited by the specified date, It was not disputed that this was done and the audit report was procured before the specified....