Penalty u/s 271B, Income Tax

[GYAN JAIN]

My assessee is p ltd co , in the year FY 2002-2003 the co fail to get accounts audited bacause the co has filed the pettion for removal of auditor before Regional director department of company affairs and permisiion not received , no new auditor accepted the audit before NOC from previous auditor and the co is failed to gets acounts audit in time and submit the Income tax retrun , the Ao imposed penalty under section 271B of the Income Tax Act, 1961 the appeal is pending before CIT appeal. suggest me and give me full citation of Case Laws avlaible

Posts / Replies

[Rama Krishana]

Refer to section 273B, the present case is entitled to get relief on account of reasonable cause. You may also visit the following link for a case: http://www.taxmanagementindia.com/site-map/income_tax/detail_case_laws.asp?ID=9434 and for cases on section 273B, visit: http://www.taxmanagementindia.com/site-map/income_tax/list_case_laws_sections.asp?Prov=273B,

[Rama Krishana]

You may also visit the cases dicided under section 271B regarding levy of penalty for non furnishing of audit report as: http://www.taxmanagementindia.com/site-map/income_tax/list_case_laws_sections.asp?Prov=271B,

[DEV KUMAR KOTHARI]

Dear Mr. Gyan, I saw your profile which reads as follows: "I have 15 years of post qualification experience in the field of Taxation , Project Financing, and 100% Export Oriented Units." In view of the same reders like me can expect your own views and at least preliminary answers with your query so that your views can be studied and then further strengthened by views of others. I hope you do nto mind for the friendly critic.