If you failed to get your accounts audited or furnish audit report before prescribed time limit - to avoid penalty - apply for extension the time to file the return - binding nature of CBDT circular

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... If you failed to get your accounts audited or furnish audit report before prescribed time limit - to avoid penalty - apply for extension the time to file the return - binding nature of CBDT circular
News and Press Release
Dated:- 17-11-2009

COMMISSIONER OF INCOME-TAX Versus PRABHU DAYAL AND BROTHERS [2009 -TMI - 34957 - ALLAHABAD HIGH COURT] Section 44B read with Rule 6G Section 14 .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... 0A read with Section 139(1) Section 271B Section 119 and Circular dated June 19, 1985 Relevant Dates Due Date of filing of Return and audit report: 31st July 1985 Application filed seeking extension of time for filing of return Audit Report obtained: 27th September 1985 Tax Deposited: 4th February 1986 Return filed: 7th March 1986 Based on the above facts, AO imposed penalty u/s 271B equa .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... l to Rs. 1,00,000/-. Held that: It is not in dispute that in terms of the circular dated June 19, 1985, issued by the Central Board of Direct Taxes which is binding upon all the authorities under section 119 of the Act, the respondent-assessee had obtained the audit report on September 27, 1985. The assessee had filed several applications from time to time seeking extension of time for filing t .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... he return up to March 31, 1986, and the return was filed on March 7, 1986, and the tax under section 140A of the Act was paid on February 4, 1986. This court in the case of CIT v. Jai Durga Construction Co. [2008 -TMI - 15036 - ALLAHABAD High Court], has held that penalty under section 271B of the Act was not imposable where the audit report has been obtained within the stipulated period. As in th .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... e present case, in view of the circular of the Board the audit report has been obtained on September 30, 1985, that would be sufficient compliance with section 44AB of the Act Penalty not to be imposed. For full text of judgment: Visit: COMMISSIONER OF INCOME-TAX Versus PRABHU DAYAL AND BROTHERS [2009 -TMI - 34957 - ALLAHABAD HIGH COURT]
News - Press release - PIB .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X