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2022 (9) TMI 1432 - AT - Income TaxLevying penalty u/s.271B - belated filing of audit report in terms of Section 44 AB without assigning proper reasons and justifications - HELD THAT:- It is an admitted fact that although the assessee has filed Tax Audit Report in Form 3CB as required u/s.44AB of the Act, beyond due date specified u/s.139(1) but such Tax Audit Report was made available to the AO before completion of assessment proceedings u/s.143(3) on 22.11.2017. It is evident from the fact that the assessee has obtained Tax Audit Report from an Accountant on 28.03.2016 and furnished before the AO during the course of assessment proceedings. Therefore, we are of the considered view that when the Tax Audit Report was made available to the AO before completion of assessment proceedings, then for venial technical breach without any mala fide intention, penalty cannot be levied u/s.271B of the Act. A similar issue has been considered in the case of M/s.T P D 101 Uthangarai Milk Producers Co-operative Society Ltd [2022 (6) TMI 1365 - ITAT CHENNAI] where on identical set of facts, penalty levied u/s.271B of the Act, has been deleted - we direct the AO to delete penalty levied u/s.271B. Appeal filed by the assessee is allowed.
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