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2016 (12) TMI 1590 - AT - Income TaxPenalty U/s 271B - non filing the audit report U/s 44AB - Held that:- Rule 12(2) of the Rules was made effective from 01/04/2013 wherein the assessee was required to furnish the report of the audit U/s 44AB of the Act electronically. However, the auditor of the assessee could not do it in time. This is well established fact that the assessee has got his accounts audited as per provisions of Section 44AB of the Act in time. However, the newly inserted Rule wherein the audit report was to be electronically submitted alongwith the return of income, skipped the attention of the auditor, which he has admitted by filing a letter. On the enquiry from the Bench with regard to filing electronically audit report in the subsequent years, it was stated that the assessee is regularly submitting the same and there was no fault in any subsequent year. It is also observed that the assessee was getting his accounts audited well in time regularly since last three years. The audit for the financial year relevant to assessment year under consideration was completed on 24/09/2013 in time and the assessee submitted its return on 28/09/2013. Therefore, in my considered view, the default on the part of the assessee was a bonafide human mistake. There was no dishonest attempt to break the law. Thus penalty need to be deleted - Decided in favour of assessee.
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