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2019 (1) TMI 1335 - ITAT COCHINPenalty imposed u/s 271B - assessee has not filed the Audit Report as mandated u/s 44AB - assessee is a Primary Agricultural Credit Society registered under the Kerala Co-operative Societies Act, 1969 claiming deduction u/s 80P(2)(a)(i) - Held that:- In the instant case for the relevant assessment year the Co-operative Department had audited the assessee’s case and submitted a report on 24.09.2014. The assessee had sufficient time to file audit report u/s 44AB of the I.T.Act within the specified date, which is 30th day of December, immediately following the financial year, i.e. 30.09.2014. However, for the relevant assessment year the Central Board of Direct Taxes vide its order dated 20.08.2014 had extended the due date of filing of the audit report from 30.09.2014 to 30.11.2014. The assessee had not filed the audit report in this case. The assessee was very casual and did not enter appearance for the show cause notice issued for imposition of penalty. The assessee has not made out a reasonable cause as mentioned u/s 273B for non-furnishing of audit report u/s 44AB. Hence, we are of the view that the penalty u/s 271B has been rightly imposed - decided against assessee.
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