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TMI Blog2023 (6) TMI 574X X X X Extracts X X X X X X X X Extracts X X X X ..... xplanation for the admitted delay of six years and over six months beyond the stated dates of receipt for the two successive years respectively. Infact, the said explanation would carry weight only where the tax audit report in the prescribed form, duly signed and verified, as required by sec.44AB, had been furnished by the assessee by the specified date, further furnishing the audit report received from the Registrar soon after its receipt in July, 2013 and December, 2017, respectively. The law has been amended since 01.7.1995, effectively delinking the furnishing of the said report from furnishing the return of income, requiring the assessee to, instead, furnish along with the return of income a proof of furnishing the said report earl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee may not have filed the return for a particular year, as infact is the case for AY 2012-2013, so that the fact of non-furnishing the audit report u/s.44AB would not come to the notice of the Revenue. It is presumably for such like reasons that the Legislature had deemed it fit not to prescribe any time limitation for the issue of the said notice. Once commenced, the proceedings though are to be concluded within prescribed time. Decided against assessee. - ITA No.29/Coch/2023 SA No.5/Coch/2023 And ITA No.30/Coch/2023 SA No.6/Coch/2023 - - - Dated:- 12-6-2023 - Shri Sanjay Arora, AM And Shri Aby T.Varkey, JM For the Appellant : Sri.M.Ramdas, CA For the Respondent : Smt. J.M.Jamuna Devi, Sr. DR ORDER PER SANJAY ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... provides financial accommodation only to its members and that too for agricultural and allied purposes. The deduction u/s.80P(2)(a)(i), claimed at nearlythe whole of its total income of Rs. 40,78,034 (AY 2012-2013) and Rs. 66,94,596 (AY 2017-2018), was accordingly restricted to the income arising from the activity of providing credit to its members for agricultural and allied purposes. The assessee having not furnished the audit report before the specified date, as required by sec.44AB, penalty proceedings u/s.271B, for non-compliance therewith, were initiated, and penalty levied at Rs. 1.50 lakh, being lower than 0.5% of the turnover. The tax audit report for the two years under reference being furnished on 24.4.2019 (i.e., along with the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... known, could certainly not be attributed to the Auditor. Be that as it may, there is no explanation for the admitted delay of six years and over six months beyond the stated dates of receipt for the two successive years respectively. Infact, the said explanation would carry weight only where the tax audit report in the prescribed form, duly signed and verified, as required by sec.44AB, had been furnished by the assessee by the specified date, further furnishing the audit report received from the Registrar soon after its receipt in July, 2013 and December, 2017, respectively. As we see it, the assessee has, for both the years, been oblivious of it s obligation u/s.44AB, filing the audit report only along with the return of income, and whic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iding for penalty where the same is not shown to be due to a reasonable cause. How the information furnished per an audit report is used by the Revenue is only it s concern. For all we know, the said information may be processed by it to select, on the basis of defined parameters, the returns of income for regular assessment; comparison of the operating parameters between different assesses, et.al. Why, in a given case, it is the audit report that may lead to the discovery that an assessee, who has not furnished a return of income, had taxable income for the relevant year. That is say, the same is an irrelevant consideration as far as the auditee-asssessee is concerned. 3.3 Sh. Ramdas would, before us, take another plea qua AY 2012-201 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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