2009 (12) TMI 16

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....been filed by the assessee under Section 260-A of the Income Tax Act against the judgment and order dated 30.11.1989 passed by the Income Tax Appellate Tribunal, Allahabad in ITA No. 1079 Alld./1991 for the assessment year 1985-86. This Hon'ble Court vide order dated 10.08.2004 admitted this appeal with the following substantial questions of law: i.whether non-filing of the Audit Report as con....

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....ax Audit Report on 22.11.1985 along with the return of income. For filing the Tax Audit Report belated, the A.O. has levied the penalty under Section 271-B of the Income Tax Act, 1961 for Rs.25,887/-. The same was upheld not only by the first appellate authority but also by the Tribunal by its impugned order. Not being satisfied, the assessee has knocked the door of this Court. Sri Dipak Seth le....

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....el for the department has justified the impugned order by stating that there was no application made by the appellant - assessee for extension of time as clearly mentioned in the order of the lower authorities. When there was no application for extension of time, then it cannot be presumed that the time was extended. We have heard both the parties at length and gone through the material availabl....

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....ect that such person shall pay, by way of penalty, a sum equal to one-half per cent of the total sales, turnover or gross receipts, as the case may be, in business, or of the gross receipts in profession, in such previous year or years or a sum of one hindered thousand rupees, whichever is less. In the instant case, no reasonable cause has been given by the assessee for filing belated Tax Audit ....