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2013 (11) TMI 1668 - AT - Income TaxPenalty u/s 271B - not getting the accounts audited before the statutory due date - Held that:- There is no absolute default and the assessee has filed Audit report although belatedly, we are of the considered opinion that there was bonafide reasons for not getting the accounts audited before the statutory due date and therefore this is not a fit case for levy of penalty u/s.271B of the I.T. Act. In this view of the matter, we set-aside the order of the CIT(A) and direct the Assessing Officer to cancel the penalty levied u/s.271B of the I.T. Act.
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