“In   the   result,   both   the   writ   applications   fail   and   are   hereby

rejected. At this stage, we may only observe that the CBDT may consider

issuing   an   appropriate   circular   taking   a  lenient  view   as  regards   the

consequences of late filing of the Tax Audit Reports as provided under Section 271B of the Act. We leave it to the better discretion of the CBDTin this regard.”