1993 (3) TMI 166

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..... the provisions of s. 44AB. It was, accordingly, required to get its accounts audited within four months from the end of the previous year i.e. by July, 1985 and July, 1986, respectively. The audit report for the asst. yr. 1985-86 is dated 28th Nov., 1985 and for the asst. yr. 1986-87 it is dated 7th Aug., 1986. These reports were filed with the respective returns of income filed on 31st March, 19 .....

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..... e, the learned CIT(A) took into account the lack of knowledge on the part of the managing partner to get the accounts audited, as also the same partner and his family facing serious problems involving ownership of properties. He thus cancelled the penalties. The Revenue is aggrieved. 2. Rival parties are heard and relevant record seen. There is no denying the fact that the assessee got its accou .....

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..... maintained and audit thereof helps the tax administration. Further, sticking to the specified date is not in the hands of the assessee alone since he is required to get his accounts audited from an accountant as specified in s. 44AB. Therefore, the date specified in s. 44AB need to be construed only as obligatory and not mandatory. There is no undue delay either in getting the accounts audited on .....

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