9911796707
TMI Blog2009 (12) TMI 16X X X X Extracts X X X X X X X X Extracts X X X X ..... essment year under consideration (1985-86), the assessee has filed the Tax Audit Report on 22.11.1985 along with the return of income. For filing the Tax Audit Report belated, the A.O. has levied the penalty under Section 271-B of the Income Tax Act, 1961 for Rs.25,887/-. The same was upheld not only by the first appellate authority but also by the Tribunal by its impugned order – held that - . Fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in ITA No. 1079 Alld./1991 for the assessment year 1985-86. This Hon'ble Court vide order dated 10.08.2004 admitted this appeal with the following substantial questions of law: i.whether non-filing of the Audit Report as contemplated under Section 44-AB of Income Tax Act within the date specified therein can snatch away the valuable right of the assessee as guaranteed under the statute ? ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... me Tax Act, 1961 for Rs.25,887/-. The same was upheld not only by the first appellate authority but also by the Tribunal by its impugned order. Not being satisfied, the assessee has knocked the door of this Court. Sri Dipak Seth learned counsel for the appellant - assessee submits that there was no malafide intention on the part of the assessee. The penalty is not desirable in the instant case. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tioned in the order of the lower authorities. When there was no application for extension of time, then it cannot be presumed that the time was extended. We have heard both the parties at length and gone through the material available on record. It is an undisputed fact that the Tax Audit Report for the assessment year under consideration was supposed to be filed by 31.07.1985 but the same w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s, or of the gross receipts in profession, in such previous year or years or a sum of one hindered thousand rupees, whichever is less. In the instant case, no reasonable cause has been given by the assessee for filing belated Tax Audit Report along with the return. When it is so, then we find no reason to interfere with the impugned order passed by the Tribunal. The same is hereby sustained alo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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