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2016 (7) TMI 617 - AT - Income TaxLevy of penalties u/s. 271B and 271F - non filing of tax audit report and non filing of return in time - Held that:- We find that reasons for delay adduced by the assessee does not constitute a good and reasonable cause. It is very unlikely that the assessee being a company would be controlled by the Board of Directors who had not bothered to understand whether the income tax return of the company has been filed in time. It is very unlikely that they would remain silent with regard to discharge of their statutory obligations by placing reliance on their erstwhile Accountant as claimed by the assessee. In view of the aforesaid facts and circumstances and respectfully following the decision of the Hon’ble Kerala high Court in the case of Metro Agencies, [2013 (10) TMI 658 - KERALA HIGH COURT ], we do not find any reason to interfere in the order passed by the Ld. CIT(A). - Decided against assessee.
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