2009 (8) TMI 36

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....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 upholding the order of the first appellate authority in cancelling penalty of Rs.1,00,000/- imposed u/s 271-B of the Act on the ground that no penalty under the said ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....1 lac under Section 271-B of the Act vide order dated 24.8.1992. In appeal by the assessee, relying on a decision of the New Delhi Bench of the Tribunal, vide order dated 24.11.1992 the Commissioner of Income Tax (Appeals) cancelled the penalty on the premise that the audit report had been obtained before the specified date and for the delay in furnishing the return of income, penalty could not be....