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 return, the tax audit report need not be filed along with return. The issue is also covered by the decision of B. D. Leasing and Finance Limited (supra), where return of income is filed electronically, the tax audit report need not...