Is submission of Audit Report mandatory for the FY 2007-08?

This query is : Resolved

CA. O.P. Agarwalla (Querist)
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30 September 2008 My query is that, whether submission of audit report u/s. 44AB is mandatory for the F.Y. 2007-08?
Whether any penalty u/s. 271B is leviable in following cases:-

01.Assessee has obtained audit report within & filed ITR-IV within 30/09/2008 and did not submitted Tax Audit Report.

02. Assessee who has obtained audit report within 30/09/2008 & failed to file ITR-IV within 30/09/2008 (Not submitted Audit Report).
(The case is not relating to Bihar or Orissa)

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
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30 September 2008 I hope yours is a company. E filing of return is therefore compulsory. As far as tax audit report it is enough if you get the report before 30th September and produce it during hearing.

Taxguy

Taxguy (Expert)
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30 September 2008 As submission is during the hearing mere mention of audit report date in the return filed is sufficient. The e return asks for Audit report Date.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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30 September 2008 My view is
1) Since return can be filed without annexures 271B will not attract.
2)If the failure continues or if the assessee files ITR 1V belatedly,as on 30/09/2008 the income tax department has no evidence that the accounts are audited and hence 271B attracts.

CA. O.P. Agarwalla

CA. O.P. Agarwalla (Querist)
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01 October 2008 Thank you experts for your replies.

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