2003 (10) TMI 246

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... the order passed by CIT(A) Agra on 16th Oct., 1996, confirming the penalty of Rs. 90,000 levied under s. 271-B of the IT Act. 2. The grounds of appeal are as under: "1. Because the Courts below were not justified in imposing penalty of Rs. 90,000 under s. 271B of the IT Act, 1961 in respect of the asst. yr. 1992-93. 2. Because the amounts maintained by maintained by the co-operative soci....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... 3. The facts of the issue are that the assessee failed to get its accounts audited and furnish the audit report under s. 44AB of the Act. The AO, therefore, imposed penalty of Rs. 90,000 for the default as the assessee failed to offer any explanation. Before the CIT(A) it was submitted that the assessee is a co-operative society, thus required to be audited its accounts under the Co-operative ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....econd Proviso to s. 44AB reads as under: "Provided further that in a case where such person is required by or under any other law to get his accounts audited, it shall be sufficient compliance with the provisions of this section if such person gets the accounts, of such business or profession audited under such law before the specified date and furnished by that date the report of the audit as ....