9911796707
TMI Blog2010 (2) TMI 20X X X X Extracts X X X X X X X X Extracts X X X X ..... auditor based on the documents and accounts produced by the assessee, and as such it would not have been possible for the Petitioner to file the tax audit reports on 31st October, 2010 and 29th October, 2002, without submitting the necessary documents for verification by the independent auditor, who issued the tax audit reports. Therefore, unless the books of accounts or relevant details thereof maintained by the assessee were produced for the examination of the tax auditor, it would not have been possible for the independent auditor to prepare the tax audit reports. Thus, the plea of the Petitioner that the assessee was not able to file his income tax returns for the said years in time, is without any merit. The Petitioner was obviously p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ny. Eventually, by an order dated 13th June 2001 the special court permitted the Petitioner to operate the bank account. (b) The Petitioner submitted the tax audit report for the assessment year 2001-02 on 31st October, 2001, purportedly on the basis of electronic record available with the Petitioner. The Petitioner also filed the tax audit report in respect of the assessment year 2002-03 on 29th October, 2002. On 31st March, 2003 the Petitioner submitted the income tax return for the assessment years 2001-02 and 2002-03 and deposited the income tax amounting to Rs.5,20,542/- and Rs.8,77,499/- respectively on self assessment basis. (c) On 22nd May, 2003, the Petitioner filed a petition for waiver of the interest on income tax for the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 132 of the Income-tax Act, or otherwise, the books of account and other incriminating documents have been seized and for reasons beyond the control of the assessee, he has been unable to furnish the return of income for the previous year during which the action under section 132 has taken place, within the time specified in this behalf and the Chief Commissioner, or as the case may be, Director- General is satisfied having regard to the facts and circumstances of the case that the delay in furnishing such return of income cannot reasonably be attributed to the assessee." 6. A plain reading of the relevant portion of the circular clearly stipulates that, where the books of accounts and other documents have been seized during the course o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... independent auditor to prepare the tax audit reports. Thus, the plea of the Petitioner that the assessee was not able to file his income tax returns for the said years in time, is without any merit. The Petitioner was obviously possessed of the said relevant details. 7. Further, it is seen that advance tax is paid during the relevant financial year itself, and the raid on the Petitioner‟s premises by the CBI took place on 1st and 3rd April, 2001, whereas the relevant financial year for assessment year 2001-02 ended on 31st March, 2001. In other words, the appointed time for the payment of advance tax for the assessment year 2001-02 had long since gone prior to the date of the search and seizure by the CBI. As aforesaid, since the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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