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2017 (6) TMI 433 - AT - Income TaxPenalty u/s 271B r.w.s. 274 - delay in filing the audit report obtained u/s 44AB - default - Held that:- As decided in case of Smt. Raj Kumar Bafna vs. ITO [2016 (12) TMI 952 - ITAT JAIPUR] Penalty imposed by the lower authorities u/s 271B of the Act on the assessee is not justifiable as the audit report was to be uploaded by the Chartered Accountants who audited her books of account and the assessee was low educated and she had under bona fide belief that the same had been uploaded in the system developed by the Department. In such a situation, penalty need to be deleted - Decided in favour of assessee.
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