2023 (6) TMI 386

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....SH 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 [in brevity 'AO'] order passed u/s 271B of th....

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....tated 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 completed within due date i.e. 30.09.2016 but due ....

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.... 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 litigation with Simula Infra Pvt. Ltd. The wordings of the sectio....

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....e 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 these facts of the case, the arguments of the AR appears unaccept....