1999 (7) TMI 22

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.....---Penalty was imposed on the assessee of Rs. 32,880 for the assessment year 1985-86 and Rs. 1,00,000 for the assessment year 1986-87 for not filing the audit report. The assessee took appeal against this before the Commissioner of Income-tax (Appeals) and showed that the audit report was filed and that the requirement of filing the audit report was brought into force by the Finance Act, 1988, fr....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....he Tribunal on the following questions, stated to be questions of law, for the opinion of this court : "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in deleting the penalty of Rs. 32,880 levied by the Assessing Officer under section 271B by holding that the order levying the penalty is barred by limitation? Whether, on the facts and in the cir....