Law:

Section:

Non-filing the report of the audit referred to in section 44AB is one of the defect which can be allowed to be rectified and the Assessing Officer may condone the delay in rectification of the defect even if time fixed of 15 days or further period allowed by the Assessing Officer as per section 139(9) has expired Section 139 of the Income-tax Act, 1961 - Return of income - General - Assessment year 1994-95 - Petitioner, a Government company, submitted its return for relevant assessment year declaring loss on estimated basis as statutory audit of company was pending due to non-appointment of auditors by Comptroller and Auditor General of India - Assessing Officer issued a notice under section 139(9) wherein petitioner-company was called upon to rectify defect by submitting statutory report within 15 days of issue of said notice - Petitioner, however, filed an application for extension of time in order to file audit report - Assessing Officer did not accede to prayer and treated return as invalid - Later on, an auditor was appointed by Comptroller and Auditor General, accordingly, statutory report was filed by petitioner-company before completion of assessment - Whether, in view of circumstances, it would have been proper for Assessing Officer to have extended time for filing statutory report on petitioner's application as delay in appointment of auditor could not have been fastened on petitioner - Held, yes - Whether, therefore, order passed by Assessing Officer treating return invalid, was liable to be set aside - Held, yes FACTS The assessee, a Government company, submitted its return for the assessment year 1994-95 on 30-11-1994 declaring loss on estimated basis as statutory audit of the company was pending due to non-appointment of auditors by the Comptroller and Auditor General of India. On 15-6-1995, the Deputy Commissioner issued a notice under section 139(4) intimating the assessee the defect in the return and called upon it to rectify the defect by submitting the statutory audit report under section 44AB by 7-7-1995. The assessee prayed for some more time in view of provisions contained in section 139(9) for submitting the audit report. The Deputy…

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