2009 (8) TMI 34

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....ion of law under Section 256(1) of the Income-tax Act, 1961, hereinafter referred to as "the Act" for opinion to this Court: "Whether on the facts and in the circumstances of the case, the Appellate Tribunal was legally correct in cancelling penalty of Rs.1 lac, imposed u/s 271-B of the Act on the ground that no penalty under the said section is exigible if the audit report is obtained within t....

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....ion 139(1) of the Act. The Assessing Officer initiated proceedings under Section 271B of the Act and imposed a penalty of Rs.1,00,000/- vide his order dated 15.1.1992. The assessee preferred an appeal before the Commissioner of Income Tax(Appeals) challenging the order of the Assessing Officer. The Commissioner of Income Tax (Appeals) after considering the various provisions of the Act cancelled t....