penalty under section 271B
Last updated: 20 March 2009
Court :
HIGH COURT OF UTTARAKHAND
Brief :
Where the assessee was a co-operative society and its income was deductible under section 80P, it was not necessary for the AO to impose penalty under section 271B upon the assessee for non-submission of audit report under section 44AB on or before due date since there appeared no intention on the part of the assessee to conceal the income or to deprive the Government of revenue, as there was no tax payable on the income of the assessee, in view of the provisions of section 80P.
Citation :
CIT
v.
Iqbalpur Cooperative Cane Development Union Ltd.
ITA No. 57 of 2007
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CA Devanshi Gandhi (Ajani)
Published in Income Tax
Views : 5512
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