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2018 (5) TMI 1907 - ITAT AMRITSARLevy of penalty u/s. 271B - contravention of s. 44AB - HELD THAT:- Assessee being unaware of the audit requirement, coupled with the delay in filing his returns of income. The said delay, which has been discussed in detail in the foregoing part of this order, has neither been explained by the assessee nor enquired into. Laches on the part of the assessee, which therefore has been inferred by us, cannot be a reasonable cause u/s. 273B. There could, however, be a valid reason for the delay in the filing the said returns, constituting a reasonable cause for the delayed audit. The matter, strictly speaking, should therefore go back to the file of the AO for examination of the reason/s for the delayed filing of his returns by the assessee. We, however, in the facts and circumstances of the case, as well as considering the quantum of the penalty involved, do not consider it proper to restore the matter back for the same. Giving the assessee the benefit of doubt, so that he has furnished a reasonable explanation bona fide for the delayed audit of his accounts, we direct the deletion of the impugned penalty. Needless to add, this order, rendered in the peculiar factual matrix of the case, shall not constitute a precedent. - Decided in favour of assessee.
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