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2016 (12) TMI 1488 - ITAT AHMEDABADLevy of penalty u/s. 271B - non furnish of the required Tax Audit Report - Held that:- The undisputed fact is that the return of income was filed electronically and being a paperless return, there was no requirement to file the Audit Report along with the return of income. It is also an undisputed fact that complete details of Auditors were furnished in the return of income itself. Details as required in Form 3CD were also furnished with the E-return so filed which is evident from the copy of return exhibited at pages 54 to 80 of the paper book. Merely because due to some unforeseen circumstances, the assessee could not furnish the physical Audit Report before the A.O. that would not justify the levy of penalty u/s. 271B of the Act. More so, because the details of the Auditors, the details of the Audit Report and the Audited Financial Statements were placed before the A.O. in the form of E -return of income. - Decided in favour of assessee
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