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2023 (4) TMI 1244 - AT - Income TaxPenalty u/s 271B - default u/s 44AB - assessee has failed to get its accounts audited within the specified due date - what's reasonable cause of delay in terms of Section 273B? - HELD THAT:- As the statutory auditor has provided the audit certificate and audit report only on 22.08.2015 and thereafter the tax audit was conducted, completed and submitted. This being so, we are of the view that the assessee has sufficient and reasonable cause for delay in submitting the audit report. Since the auditor was appointed by the Registrar of Cooperative Societies, therefore, there is no delay on the part of the assessee. Accordingly, we are of the considered opinion that the penalty levied by the AO u/s.271B of the Act and confirmed by the ld. CIT(A) deserves to be deleted and we do so. Appeal of the assessee is allowed.
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