Law:

Section:

Section 271B, read with section 44AB, of the Income-tax Act, 1961 - Penalty - For failure to get accounts audited - Assessment year 1986-87 - Whether fact that specified date for obtaining audit report was 31-10-1986, which was extended date fixed by CBDT and petitioner, admittedly, submitted said report on 9-9-1986, Tribunal rightly held that provision of section 271B was not attracted - Held, yes - Whether further fact that words 'without reasonable cause' had been deleted from section 271B with effect from 10-9-1986, which meant that those words were there in assessment year in question and assessee had given adequate explanation for delay in submitting audit report which explanation had been accepted by Commissioner (Appeals), impugned penalty was not leviable - Held, yes JUDGMENT 1. This is an appeal under section 260A of the Income-tax Act against the impugned order of the Income Tax Appellate Tribunal for the assessment year 1986-87 passed on 4-8-1999. 2. The assessee is a registered firm and in the relevant assessment…

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