2001 (1) TMI 232 - AT - Income Tax

Summary

The appellate tribunal ITAT Jodhpur reversed the penalty of Rs. 32,200 imposed under s. 271B on the assessee for failure to file an audit report along with the return of income for asst. yr. 1993-94 by the due date. The tribunal held that the penalty cannot be levied as the audit report was obtained before the due date and furnished along with the belated return of income. The decision was based on earlier rulings and the appeal was allowed.