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Penalty u/s 271B - assessee had not got its account audited u/s 44AB - Held that:- As decided in ACIT Versus Smt. Bharti Sharma [2010 (7) TMI 494 - ITAT, NEW DELHI] the assessee cannot be penalized for the act for which there is no failure on his/her part - for the purpose of sec. 44AB, turnover of all the businesses has to be considered but the provisions of sec. 271B will be pressed in operation in respect of the failure only and not in respect of accounts which have been audited.

Setting aside the orders of the authorities giving directions to AO to delete the penalty levied in respect of M/s. Rex Engineering & Shares whose accounts were admittedly audited under sec. 44AB and audit report thereof was filed well within the prescribed time limit - partly in favour of assessee.


 

 

 

 

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