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2008] 305 ITR 89 [2009] 177 TAXMAN 263 (MP) HIGH COURT OF MADHYA PRADESH Gramin Vidyut Sahkari Samiti Maryadit * v. Assistant Commissioner of Income-tax DIPAK MISRA AND R.S. JHA, JJ. M.A.I.T. NO. 109 OF 2006 FEBRUARY 4, 2008 Section 271B, read with section 44AB, of the Income-tax Act, 1961 - Penalty - For failure to get accounts audited - Whether before confirming penalty levied by Assessing Officer under section 271B, Tribunal has to record a finding, whether assessee had acted deliberately in defiance of provisions of section 44AB and was guilty of conduct which was contumacious or dishonest, warranting imposition of penalty by Assessing Officer under section 271B - Held, yes - Whether where Tribunal, while confirming penalty levied under section 271B, had not applied its mind as per requisite parameters of law, Tribunal's order was liable to be set aside and matter was to be remitted to it for a fresh consideration - Held, yes CASE REVIEW Biaora Constructions (P.) Ltd. v. CIT [2006] 287 ITR 112/ 156 Taxman 11 (MP) followed. CASES REFERRED TO Biaora Constructions (P.) Ltd. v. CIT [2006] 287 ITR 112/ 156 Taxman 11 (MP) [Para 5], Andhra Cements Co. Ltd. v. CIT [1998] 232 ITR 364/ 101 Taxman 559 (AP) [Para 5], CIT v. Scindia Steam Navigation Co. Ltd. [1961] 42 ITR 589 (SC) [Para 5] and CIT v. S. Palaniswamy [1996] 219 ITR 380/86 Taxman 462 (Mad.) [Para 5]. Mukesh Agrawal for the Appellant. Sanjay Lal for the Respondent. JUDGMENT I.A. No. 8611 of 2006 1. This is an application for condonation of delay of 24 days in preferring the present appeal. There is no opposition on behalf of the revenue. In view of the aforesaid, the prayer for condonation of delay is allowed and the I.A. is accordingly disposed of. MAIT No. 109 of 2006 2. Heard Mr. Mukesh Agrawal, learned counsel for the appellant and Mr. Sanjay Lal, learned counsel for the respondent/revenue. 3. On consent of learned counsel for the parties it is thought apposite to dispose of the appeal finally. For the purpose of disposal of the appeal, the substantial question that emerges for consideration is as under : "Whether the Income-tax Appellate Tribunal was justified in confirming the penalty levied under…

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