Penalty of 271 B

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

21 July 2011 We are having a income tax case in which penalty U/s 271 B has been levied.as per section 271 b penalty will be levied if Assessee failure to accounts Audited u/s 44 AB or furnish such report on time. but client accounts had been duly audited & Tax Audit report duly submitted within time.
Any one Send me case law on above matter.
Snuggest me if penalty can be levied for above default.

Thanks

Dinesh Kumar

U S Sharma

U S Sharma (Expert)
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21 July 2011 file rectification or appeal with your documents in hand, if the procedure is complied then it will be in your favor,

check the return filed, with date of 3cd submission and correctness shown in return.