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2019 (7) TMI 352 - AT - Income TaxLevying penalty u/s 271B - not filing the tax audit report - non furnishing statutory audit report in proper form - as per AO assessee failed to carry out statutory Audit and failed to file the Audit report in prescribed forms - HELD THAT:- Assessee has filed form no. 3CD and 3CB and the same has not been disputed therefore the tax audit report was on record and hence the penalty should not be levied. AO disputed that instead of form no.3CB audit report should be in form no. 3CA. We note that the difference in form no. 3CA and form no. 3CB is that in form no. 3CA, the auditors are not required to give separate audit report. But in form no. 3CB, since that deals with the case of an assessee whose accounts have not been audited, mandates of comprehensive audit report. Therefore, when an assessee had furnished the tax audit report in form no. 3CB then it cannot be said that it has not complied with the provisions of section 44AB merely because the report is not in form no. 3CA. Thus, we are of the view that in the assessee’s case, form no. 3CB audit report with form no. 3CD is a sufficient compliance and hence penalty should not be levied. Therefore, we delete the penalty levied - Decided in favour of assessee.
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