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2019 (3) TMI 1682 - AT - Income TaxLevy of penalty u/s. 271B - assessee had failed to get the accounts audited u/s. 44AB - CIT(A) confirmed penalty levied by the AO by observing that the assessee was liable to get his accounts audited as per the provisions of the section 44AB and failure to comply with the provisions of section 44AB of the Act would attract penalty under section 271B - HELD THAT:- Assessee has committed only technical venial breach which does not create any loss to the exchequer. The audit report was filed before the Assessing Officer before the completion of the assessment. The ill health of the partner Shri Naushad S and the malfunctioning of the computer due to hardware damage are reasonable causes for not furnishing the audit report before the AO within the stipulated time. Hence, we are inclined to hold that this is not a fit case for levying penalty u/s. 271B. - Appeal of the assessee is allowed.
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