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2015 (12) TMI 1820 - AT - Income TaxPenalty u/s 271B - violation of section 44AB - HELD THAT:- We find that the findings recorded by the learned CIT(A) are not correct as assessee has been demanding the release of documents from 12.08.2009 onwards, which were provided to the assessee only on 14.07.2010, therefore, the delay in getting accounts audited was beyond the control of assessee. We further find that the penalty for violation of section 44AB is not mandatory. See SS BANGA. [2005 (1) TMI 82 - PUNJAB AND HARYANA HIGH COURT] In the present case, we find that the reason for late filing of audit report was beyond the control of assessee, and therefore, there is a reasonable cause and therefore, penalty was not imposable. - Decided in favour of assessee.
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