9911796707
TMI Blog2003 (3) TMI 76X X X X Extracts X X X X X X X X Extracts X X X X ..... th these appeals involve a common question of law, the same are being disposed of by this common judgment. These appeals are directed against the judgment and order of the Income tax Appellate Tribunal, Jaipur Bench, Jaipur (for short "the Tribunal"), dated October 20, 1999. The appeal was admitted in terms of the following question: "Whether the Tribunal was right in law in sustaining the penalty of rupees one lakh for each year after proper interpretation of section 271B read with section 273B of the Act?" The relevant assessment years are 1990-91 and 1991-92. The Assessing Officer has initiated proceedings for penalty for the assessment years 1987-88 to 1991-92. The turnover of the assessee was more than Rs. 40 lakhs. During these ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... earned counsel for the appellant, submits that in the case of the assessee, the Accountant-General is the concerned person and only the competent authority to audit the accounts. It cannot get its accounts audited by any other accountant and unless it receives the audit report for the preceding years, it cannot make available the accounts to the Accountant General for audit for the subsequent year. Mr. R.B. Mathur, learned counsel appearing for the Revenue, submits that whether the assessee has a reasonable cause for not submitting the audit report for the years 1990-91 and 1991-92, the Tribunal has considered the explanation in para. No. 9 of its judgment and found that for both these assessment years, the assessee has no reasonable caus ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee, has submitted a chart showing the details regarding the specified date of audit, date on which annual accounts of the assessee were rendered to the Accountant-General office for audit, date on which audit certificate was issued and the date on which the tax report was received. The relevant details read as under: Assessment year 1989-90 1990-91 1991-92 Specified date of audit 1-12-1989 31-12-1990 31-12-1991 Date on which annual accounts of the Board rendered to the AG office 23-10-1989 29-12-1990 03-03-1992 Date on which audit certificate issued by the AG 22-8-1990 5-12-1991 11-11-1992 Date on which tax audit report receiv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ived the audit report from the Accountant-General office on November 26, 1992, and after receipt of that report for the preceding year 1990-91, the assessee needs some time to adjust the final accounts for the assessment year 1990-91 and that took some time. The assessee has submitted the accounts to the Accountant-General office on March 3, 1992. Considering these facts and the fact that the assessee was to get the accounts audited from the Accountant-General office and has no control over that office, we are of the view that the Tribunal has committed error in sustaining the penalty for the assessment year 1991-92 also in case of this assessee. Considering the facts of the cases, we are of the view that the penalty so imposed upon the a ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
