2009 (12) TMI 23

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....60-A of the Income Tax Act against the judgment and order dated 24.12.1998 passed by the ITAT Allahabad Bench, Allahabad in ITA No. 377 (Allahabad)/1994 for the assessment year 1988-89. This Court vide order dated 16.11.2009 has admitted the appeal on the following substantial questions of law:- "A. Whether, on the facts and circumstances of the case, the learned Appellate Tribunal was justifie....

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....the same along with the return on 28.7.1988. The assessee has not obtained the tax audit report before or on due date, so the Assessing Officer has levied the penalty under Section 271-B for Rs. 1,00000/-. The same was not only upheld by the First Appellate Authority but also by the Tribunal. Being aggrieved, the assessee has knocked the door of this Court through the present appeal. With this ....

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....epartment has justified the impugned order by stating that there was no reasonable cause for cancelling the penalty. We have heard both the parties at length and gone through the material available on record. It is an undisputed fact that the Tax Audit Report for the assessment year under consideration was supposed to be obtained on or before 30.6.1988. Admittedly, the same was obtained on 2....