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TMI Blog2010 (1) TMI 801X X X X Extracts X X X X X X X X Extracts X X X X ..... . As the penalty proceedings like the present one is quasi criminal proceedings, the A.O. has to make out the case that it was a deliberate act of the assessee. Merely because, the assessee did not furnish the report before the due date of filing of the return, that may not automatically attract the penalty, assessee's appeal is allowed. - ITA No. 1375/Mum./2009, - - - Dated:- 28-1-2010 - P ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f Rs.61,82,429/- which is admittedly more than Rs. 40 lakhs. As per the provisions of Section 44AB, there is a statutory obligation on the assessee to get is accounts duly audited and also to furnish the tax audit report before the due date of filing of the Return of income, if the total turnover of the assessee exceeds Rs. 40 lakhs. As the assessee did not furnish the tax audit report before 31.1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t report was signed on 28.10.2005, the A.O. levied the penalty of Rs. 30,912/-. The assessee challenged the same before the Ld CIT(A), but without success. Now the assessee is in appeal before us. 4. We have heard the parties. The facts are not in dispute. The contention of the assessee that there was a flood and hence, the entire record was damaged. The Ld Counsel also relied on the decision ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the relevant circumstances. Even if a minimum penalty is prescribed, the authority competent to impose the penalty will be justified in refusing to impose penalty, when there is a technical or venial breach of the provisions of the Act or where the breach flows from a bona fide belief that the offender is not liable to act in the manner prescribed by the statute." 5. We have perused the order ..... X X X X Extracts X X X X X X X X Extracts X X X X
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