turnover was more than Rs. 40 lakhs. Therefore, in terms of Section 44AB of the Act. it was required to file return latest by July ... ends on March 31, 1985 and as per the provisions of Section 44AB the assessee was required to get its accounts audited and obtain
audit report, dated 28-10-1990, obtained by it under section 44AB of the Act. The assessing officer levied the penalty under section 271B ... specified date along with the audit report, then the provision of section 44AB requiring the assessee to obtain the audit report before the specified date
terms of Section 44AB of the Act, the assessee was required to file a return for the asst. yr. 1993-94 along with the audit ... India , a Division Bench of this Court interpreted the provisions of Sections 44AB , 139 and 271B of the Act and held :
Prior to 1st April
Section 271B of the Act for violation of the provisions of Section 44AB.
3. For the disposal of these appeals, we are taking the facts ... prescribed form duly signed and verified as per the provisions of Section 44AB of the Act before the stipulated date, i.e., October
proposing to impose penalty on the ground of violation of Section 44AB . After considering the assessee's explanation, the AO vide his order ... India , a Division Bench of this Court interpreted the provisions of Sections 44AB , 139 and 271B of the Act and held:
Prior to 1st April
fact that Market Committee had turnover
exceeding the limit prescribed u/s 44AB of the Act
and had failed to get its accounts audited before ... receipts of the assessee were more than
the prescribed limit under Section 44AB of the Act for the purpose of
getting the accounts audited
audit report, dated. 28th October, 1990, obtained by it under Section 44AB of the Act. The AO levied the penalty under Section 271B ... specified date along with the audit report, then the provision of Section 44AB requiring the assessee to obtain the audit report before the specified date
report of audit of accounts as per the requirement of Section 44AB of the Act. The appeal was admitted by a Division Bench of this ... which is the specified date as per Explanation to Section 44AB of the Act for the assessment year 1986-87. The assessee-appellant gave
assessee filed return without the audit report as required by Section 44AB . Therefore, while finalising the assessment, the AO issued penalty notice under Section 271B ... learned Counsel for the assessee. A bare reading of Section 44AB and Section 271B it is evident that assessee has to get his accounts audited
assessees whose accounts are required to be audited in terms of Section 44AB
of the Act. Reference was made to order dated 29.09.2015 passed ... 31st day of October] of the assessment
year."
5. Section 44AB of the Act reads as under:-
"44AB. Every person,--
(a) carrying
