2009 (8) TMI 66

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....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 the penalty of Rs.31,040/- imposed u/s 271B of the Act on the ground that no penalty under the said Section was exigible if the audit report is obtained within t....

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....e return was attributable to a reasonable cause, did not find favour with the Assessing Officer and he vide order dated 24.8.1992 imposed a penalty of Rs.31,040/- under Section 271B of the Act. Against the said order, the assessee preferred an appeal before the Commissioner of Income Tax(Appeals), who vide order dated 9.11.1993 conffirmed the penalty by observing that the explanation of the assess....