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2019 (1) TMI 1334 - AT - Income TaxLevy of penalty u/s. 271B - delayed filing of return and audit report before the AO - Held that:- The assessee got his books of accounts audited on 25/01/2014 which was made available To the Assessing Officer and no prejudice has been caused to the Revenue The assessee had only committed technical venial breach which has not created any loss to the exchequer as the audit report was available to the Assessing Officer before the completion of the assessment proceedings. In the case of CIT vs. A.N. Arunachalam (1994 (1) TMI 65 - MADRAS HIGH COURT) in the context of filing of audit report for claiming deduction u/s. 80J observed that once audit report has been made available before the AO before the completion of assessment proceedings, the assessee should be granted deduction u/s. 80J of the Act. We observe that this judgment was rendered in the context of adjudication of quantum of deduction claimed by the assessee. Hence, the said analogy can very well be drawn and used in the penalty proceedings like that of the assessee. To sum up, we hold that the assessee had committed only technical venial breach for which he cannot be penalized - Decided in favour of assessee. - Decided in favour of assessee.
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