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2013 (11) TMI 1669 - AT - Income TaxLevy of penalty u/s.271B - Held that:- As due to the leaving of service by the Accountant the accounts of the assessee could not be finalised in time for which there was delay in getting the audit report and finally the assessee has obtained the audit report on 16-01-2009. Further, the returned income at ₹ 8,51,340/- has been accepted by the Assessing Officer in the assessment. Considering the totality of the facts of the case, we are of the opinion that this is not a fit case for levy of penalty u/s.271B of the I.T. Act, 1961. We, therefore, set-aside the order of the CIT(A) and direct the Assessing Officer to cancel the penalty.
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