2001 (1) TMI 6

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..... ces of the case, any penalty under section 271B is leviable even though the audit report had been obtained within time?" The applicant was given a notice under section 142(1) dated December 28, 1990. In compliance with it, the assessee has filed its return of income with audit report as required under section 44AB on March 27,1991. The Assessing Officer imposed penalty under section 271B. This .....

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..... rson who has not furnished a return within the time allowed to him under sub-section (1), or within the time allowed under a notice issued under sub-section (1) of section 142, may furnish the return for any previous year at any time before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier and in view of the said pr .....

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