271B penalty cannot be imposed if tax audit report is obtained within the statutory time though return is filed late. In my view this position needs to be reviewed. According to me, filing of tax audit cases can be delayed beyond the statutory due dates only in genuine cases. Imagine a case for AY 2010-11 where possibly the due date of obtaining a tax audit report would have been 30.9.2010 and the return should have been filed before the extended due date for the said assessment year(normal would be 30.9.10).Here, would it be appropriate to think that you can file the return today, i.e.27.9.11 and have a tax audit report dt.30.9.10 and say that 271B and the provisions u/s 139 are unlinked. Would any right thinking professional be able to give a tax audit report dated 30.9.10 for the AY 2010-11 and file a return of income now,i.e.27.9.11, in a normal case?. I think there has to be a clear understanding on this issue.Opinions are welcome.
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