COMMISSIONER OF INCOME TAX Vs. SARDAR INDUSTRIES

JUDGEMENT

(1.) THIS is an appeal under S. 260A of the IT Act, 1961, against the impugned order of the Tribunal for the asst. year 1986 87 passed on 4th Aug., 1999.

(2.) THE assessee is a registered firm and in the relevant assessment year it was required to obtain a copy of the audit report as per the requirement of S. 44AB of the IT Act. The specified date for obtaining the audit report was 31st Oct., 1986, which was the extended date fixed by the CBDT. Admittedly, the petitioner submitted the audit report on 9th Sept., 1986, which was within the extended time. Hence, the Tribunal rightly held that the provision for penalty was not attracted. Moreover, the words "without reasonable cause" have been deleted from S. 271B by the Taxation Laws (Amendment and Miscellaneous Provisions) Act, 1986, w.e.f. 10th Sept., 1986. In the relevant assessment year the aforesaid words were there and the assessee had given adequate explanation for the delay in submitting its audit report. The CIT(A) has accepted the explanation of the assessee about reasonable cause for the delay. There is no force in this appeal. It is dismissed.