03 October 2010
It is clear that 271B should be read with 44AB and not 139. Therefore is 271B attracted when Tax Audit report is mannualy filed with the Department before due date for AY 2009-10 and the return is filed on 5th Dec 2009.
Also Could you please share any caselaws which makes it clear that 271B is not attracted if Tax Audit Report is filed before due date and return is filed u/s 139(4)(ie after due date)
04 October 2010
Penalty under section 271B is attracted not with referenced to 139, but with reference to failure to obtain audit report as laid down under section 44AB. No audit report is required to be sent along with the return, since the returns of tax audited cases are routed through only electronic media. It can be tendered along with 3CD,CB etc., to the assessing Officer. Unless, there is proof that the audit report has not been obtained in time, penalty cannot be levied. Further 273B also provides a cushion whereby in cases, where there was reasonable cause for delay in obtaining report, no penalty will be levied.
04 October 2010
My doubt is whether 271B is attracted if Tax Audit Report for AY 2009-10 is obtained before September and the Income Tax Return for AY 2009-10 is filed on 5 Dec 2009.
04 October 2010
My doubt is whether 271B is attracted if Tax Audit Report for AY 2009-10 is obtained before September and the Income Tax Return for AY 2009-10 is filed on 5 Dec 2009.
05 October 2010
From what you say it is gathered that you have obtained the audit report ahead of schedule. Merely because the return is filed beyond time, it does not mean that the audit report is also belated. No penalty under section 271B is exigible in your case.
05 October 2010
Thank you very much for your guidance.
Could you please share any caselaws which makes it clear that 271B is not attracted if Tax Audit Report is obtained before due date and return is filed u/s 139(4)(ie after due date
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