9911796707
TMI Blog2012 (4) TMI 300X X X X Extracts X X X X X X X X Extracts X X X X ..... that the assessee has failed to furnish audit report alongwith the necessary enclosures in the prescribed form within the stipulated period, as required under section 44AB of the Income-tax Act, 1961. Accordingly, the assessing authority issued a notice under section 271B on 29-12-2008 proposing to levy penalty for the delay in filing the audit report and the connected enclosures. In the reply filed by the assessee firm, it was stated that the managing partner of the assessee was held up at work site in other states and it was for that reason that the audit report got delayed. The assessee requested for condonation of the delay occurred in filing the audit report and requested to drop the penalty proceedings. The Assessing Officer felt that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n of 500 MW power plant and, therefore, he could not arrange to file the return and audit report in time. The project was a prestigious order received from BHEL, which had to be completed in record time. According to the learned chartered accountant, this fact was brought before the Assessing Officer, endorsed by a letter issued by the BHEL. The remaining partners available in the station were only financing partners and they were not conversant with the business and the administrative matters of the assessee-firm. The learned chartered accountant further explained that the audit report and the other enclosures were made available to the Assessing Officer before completing the assessment and, therefore, the delay occurred in filing the audi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ered the issue in detail. The most important argument of the learned chartered accountant that the audit report and the other enclosures were available before the assessing authority even before completing the assessment, by itself is not a reason to substantiate the delay caused in filing such a report and the enclosures. Section 44AB of the Income-tax Act, 1961 became operative since the assessment year 1985-86 and anyhow we are concerned with the assessment year 2006-07. Even after twenty years of introducing such a section in the Income-tax Act alongwith section 271B, the assessee is still pleading the case as if this is a new provision and he had his own difficulties in complying with the provision. The explanations that the managing p ..... X X X X Extracts X X X X X X X X Extracts X X X X
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