TMI Blog2009 (8) TMI 640X X X X Extracts X X X X X X X X Extracts X X X X ..... ified under section 139(1) and imposed penalty. The Commissioner (Appeals) upheld the order of the Assessing Officer. The Tribunal cancelled the penalty imposed under section 271B of the Act on the ground that no penalty was exigible if the audit report was obtained within the specified time, though not furnished within the time allowed for filing of the return under section 139(1) of the act. hel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2. The present reference relates to the assessment year 1990-91. 3. The brief facts giving rise to the present reference are as follows: 4. The assessee was required to get his accounts audited and obtain the audit report under section 44AB of the Act before October 31, 1990. The assessee got his accounts audited and obtained the report before this date. However, the Assessing Officer was of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Tribunal, the Tribunal relying on its earlier decisions, has held that the penalty under section 271B of the Act could not be legally imposed in this case and, therefore, cancelled the same. 5. We have heard the learned counsel for the parties. 6. We find that this court in the case of CIT v. Jai Durga Construction Co. [2000] 245 ITR 857 has held that the penalty under section 271B of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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