COMMISSIONER OF INCOME TAX Vs. NAVDEEP ARORA

JUDGEMENT

(1.) THE Tribunal, Allahabad has referred the following question of law under s. 256(1) of the IT Act, 1961 (hereinafter referred to as "the Act") for opinion to this Court : "Whether on the facts and in the circumstances of the case, the Tribunal was legally correct in sustaining the order of the CIT(A) cancelling the penalty of Rs. 25,309 imposed under s. 271B of the IT Act, 1961, by holding that no penalty under the said section is exigible for failure to furnish the audit report under s. 44AB along with the return under s. 139 (1) if the same is furnished along with the return filed by the assessee under s. 139(4) of the IT Act, 1961 -

(2.) THE reference relates to the asst. yr. 1989 -90. Briefly stated, the facts giving rise to the present reference are as follows : 2. This view was upheld by the Tribunal following its various similar decisions on the point.

(3.) WE have heard Sri A.N. Mahajan, learned standing counsel for the Revenue.