2023 (6) TMI 386

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.... Tripathi, Sr. DR ORDER PER : ANIKESH BANERJEE, JM: The instant appeal of the assessee was filed against the order of the ld. Commissioner of Income Tax (Appeals) -5, Ludhiana, [in brevity the 'CIT (A)'] order passed u/s 250 (6) of the Income Tax Act 1961, [in brevity 'the Act'] for A.Y. 2016-17. The impugned order was emanated from the order of ld. Income Tax Officer, Ward-1(1), Jammu [i....

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..... (Paradise Avenue). The litigation was necessitated due to the fact that a cheque amounting to Rs. 73,00,000/- issued by M/s Simula Infra Pvt. Ltd., got dishonoured as the payment was stopped by the drawer and the client refused to clear the pending dues. The copy of the complaint, cheque and dishonoured instrument are duly filed in APB 1 to 4. The ld. AR claimed that the tax audit report was com....

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....as it went into litigation with one of its major clients namely M/s. Simula Infra Pvt. Ltd. The AR further submitted that the assessee company had submitted his books of accounts to the Auditor and the audit was completed well before the due date i.e. 30.09.2016 but the assessee company erred in filing the tax audit report belatedly on 22.03.2018 because of the distraction created by the litigatio....

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....dited but also to furnish the audit report by the specified date applicable to the case of the assessee. The assessee company has itself acknowledged the audit report was furnished after a gap of more than 1.5 years. The requirement of the law is that the assessee after getting the accounts audited is also required to furnish to the department the audit report by the specified date. Considering th....