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2023 (4) TMI 1253 - AT - Income TaxPenalty u/s 271B - late filing of audit report u/s 44AB - HELD THAT:- Assessee was required to get his accounts audited under section 44AB and filed within the due date. Since the assessee has not filed the tax audit report u/s 44AB of the Act before the due date, the Assessing Officer levied penalty u/s 271B which was confirmed by the ld. CIT(A)(NFAC). Before us, it was submitted that the assessment u/s 143(3) of the Act has been completed on the basis of the audit report and return of income filed by the assessee and prayed for deleting the penalty levied under section 271B of the Act. Similar issue on an identical fact was subject matter in appeal before this Tribunal in the case of Balaji Logistics [2022 (9) TMI 1432 - ITAT CHENNAI] reasons given by the assessee for not filing tax audit report within due date comes under reasonable cause as provided u/s.271B of the Act, and thus, the AO is erred in levying penalty u/s.271B - Decided in favour of assessee.
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