2008 (2) TMI 356

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.... judgment of the court was delivered by SATISH KUMAR MITTAL J.— The instant appeal filed by the Revenue under section 260A of the Income-tax Act, 1961 (hereinafter referred to as "the Act"), is directed against the order dated March 12, 2007, passed by the Income-tax Appellate Tribunal, Chandigarh Bench (A), Chandigarh (hereinafter referred to as "the ITAT"), in I. T. A. No. 471/Chandi/ 2006 ....

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....ness activity of the assessee exceeded Rs. 40 lakhs? (ii) Whether, on the facts and in the circumstances of the case, the learned Income-tax Appellate Tribunal was right in law in giving the benefit of section 273B without discussing the reasonable cause for not furnishing the audit report by a chartered accountant within the specified period?" 2. The brief facts giving rise to file the pres....

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....orm duly signed and verified as required under section 44AB of the Act. Therefore, for failure to get the accounts audited by the chartered accountant within the specified period and furnished the audit report by the stipulated date as per the provisions of section 44AB of the Act, penalty proceedings under section 271B of the Act were initiated against the assessee. 4. Before the Assessing Off....

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....imposing the penalty under section 271B of the Act. 6. Aggrieved against the aforesaid order, the assessee filed an appeal before the Tribunal which was accepted and the impugned penalty levied by the Assessing Officer and confirmed by the Commissioner of Income-tax (Appeals) was ordered to be deleted while holding that the assessee under a bona fide belief did not get its accounts audited from....