9911796707
TMI Blog2010 (6) TMI 67X X X X Extracts X X X X X X X X Extracts X X X X ..... 1) The petitioner seeks to challenge orders passed by the Commissioner of Income Tax, Kolhapur on 28 September 1995 and on 25 March 1996. By the first of those orders, the Commissioner rejected an application filed by the petitioner under Section 264 questioning the imposition of a penalty on him under Section 271B. By the second of those orders, an application for rectification that was filed by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fact, filed with the return of income. 3) The petitioner was subjected to a penalty under Section 271B for the aforesaid four assessment years. The Commissioner while rejecting the representation filed by the petitioner has held that under Section 271B, it is obligatory to get the accounts audited, to obtain a report of audit as required under Section 44AB and to furnish the report. 4) The cont ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an obligation to obtain by the specified date, a report of the audit in the prescribed form duly signed and verified by an accountant. By the Finance Act of 1995, the requirement of obtaining the audit report before the specified date was made more stringent and by the amendment it has now been provided that the report has to be furnished by the specified date. The word "furnish by" were substitu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in response to a notice under Section 142(1)(i). The provision in Section 271B prior to its amendment was consistent with the obligation imposed by Section 44AB. At the material time to which the proceedings relate, the requirement of furnishing the tax audit report by the specified date had not been incorporated and it was brought in only later, by the Finance Act of 1995 with effect from 1 July ..... X X X X Extracts X X X X X X X X Extracts X X X X
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