2008 (2) TMI 326

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....enue. JUDGMENT The judgment of the court was delivered by Rakesh Kumar Garg, J - 1. This order shall dispose of ITA No.454 and 455 of 2007.The Revenue has filed these appeals under Section 260-A of the Income Tax Act,1961 challenging order dated 5.4..2007 passed by the Income Tax Appellate Tribunal, Amritsar Bench, Amritsar in ITA No.94 & 95(ASR)/2002 in case of the assessee for the asses....

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.... of Rs.371/-. The returned income was accepted under Section 143(1) of the Income Tax Act. Since the total turn over exceeded Rs.40 lacs, it was obligatory on the part of the assessee to get its books of account audited before the specified date and to furnish the same by the specified date in view of the provisions of Section 44AB of the Income Tax Act. A show cause notice was issued to the asses....

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....me Tax(Appeals), Jalandhar vide order dated 20.2.2002. The assessee further filed an appeal before the Tribunal. The Tribunal vide its order dated 5.4.2007 passed in ITA No.94& 95(ASR)/2002 partly allowed the appeal and held that the levy of penalty under Section 271B was uncalled for and thus the penalty was deleted. The relevant part of the judgment of the Tribunal is reproduced as under:- "W....

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....nd the specified date. In Kalyani Selection (supra), it has been held that where a valid return was dispatched within the prescribed time under certificate of posting and was correctly addressed, a presumption of the return having been filed within time would arise, and that in such a case, levy of penalty was invalid. In the present case too, the Department has not been able to repel the UPCs ....