Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Feb-26-1997
Reported in : (1997)62ITD225(Kol.)
..... of the assessee doubted by ao.17. let me consider the issue from another angle. for the purpose of obtaining audit report, either under company law or (tax audit) under it act, the bank statements should be made available to the auditors failing which, it may not be possible to complete the audit.admittedly, audit commenced before the 'specified ..... in getting the accounts audited would constitute reasonable cause for the delay in filing the return of income and it was this decision that was followed by the tribunal (supra). in the present case the statutory audit under the companies act was completed on 20th september, 1986. the audit report under s. 44ab was signed by the ..... in time apart from the fact that voluminous work is involved. though there is considerable delay in filing the return of income, the ao has not initiated penalty proceedings under s. 271(1)(a) of the act. the contention of the learned counsel for the assessee that the audit, as per the time available under the companies .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Jan-13-1997
Reported in : (1997)61ITD412(Kol.)
..... an allegation had been made in the notice issued proposing the revision. thus, the allegation remains unsubstantiated.it has to be remembered that under section 7(1) of the wealth-tax act as it applies from the assessment year 1989-90, the value of the plot in bombay shall be the value determined in the manner laid down in schedule iii. rule ..... 's objections to the proposed action.in response thereto, it was pointed out by the assessee by a letter dated 28-2-1996 that there was nothing in the wealth-tax act to show that the valuation as on the valuation date should be guided by subsequent events and that the subsequent sale cannot be the basis for estimating the value at ..... 1. the appeal is by the assessee and it is directed against the order of the c.w.t. passed under section 25(2) of the wealth-tax act.2. the assessee filed her wealth-tax return for the assessment year 1991-92 (valuation dated 31-3-1991) on 5-9-1992. in the statement of wealth accompanying the return, she disclosed the .....
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