Bombay High Court Allows Writ Petition Challenging Penalty Under Section 271B for Delay in Filing Tax Audit Report — Holds That Prior to 1995 Amendment, Only Obtaining Audit Report by Specified Date Was Mandatory, Not Filing It. The court interpreted Section 44AB strictly and held that penalty under Section 271B cannot be imposed for failure to furnish the audit report before the amendment by Finance Act, 1995.
29 Jun 2010The petitioner, a partnership firm registered under the Indian Partnership Act, 1932, challenged orders of the Commissioner of Income Tax, Kolhapur da...
