TaxTMI 
TaxTMI 
1998 (10) TMI 80
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....w, dt. 19th Aug, 1994, for the asst. yr. 1990-91 is directed against the cancellation of penalty of Rs. 1,00,000 imposed under s. 271B of the IT Act, 1961. 2. The facts concerning this matter are that in view of the provisions of s. 44AB of the IT Act the assessee Corporation was required to get its accounts audited and to obtain the audit report before the specified date which was 31st Dec., 1....
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.... IT Act. In reply to the show cause notice dt. 18th April, 1994 the assessee claimed that as the assessment dt. 23rd March, 1993 passed under s. 144 of the IT Act had been set aside by the CIT(A)-II vide his order dt. 14th Oct., 1993, there was no cause of action for continuing with the penalty proceedings. The version of the assessee was not accepted by the AO who held that the assessee had faile....
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....e specified time and, therefore, penalty was rightly imposed by the AO under s. 271B of the IT Act. The learned Departmental Representative further submitted that the CIT(A) was not justified in deleting the penalty. 5. Before us, the learned counsel for the assessee submitted that compliance of the provisions contained in s. 44AB has been made on behalf of the assessee. Our attention was invit....
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....he statutory obligation in making the compliance for filing the tax audit report. 6. We have carefully considered the facts and circumstances of case and the rival submissions. The report in Form No. 3CA is dt. 31st Dec., 1990, along with this report Form No. 3CD was also filed which was dt. 31st Dec., 1990. Thus, the assessee obtained the tax audit report from its Accountants on the due date i....