Even if e-Return filed after due date but tax audit report obtained & not furnished no penalty u/s 271B

CA Pankaj G. Shah

We do not find any merit in the order passed by the lower authorities imposing penalty u/s 27 1B, when tax audit report was obtained on 10.10.2007 i.e. before the due date of filing return which was on 2.11.2007 and in view of CBDT circular No. 5/2007 dated 26.7.2007, the assessee was under bona fide belief that in case of ‘e’ filing of retu

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