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2019 (5) TMI 186 - AT - Income TaxPenalty proceedings u/s 271B - lapse of 23 months and 26 days in passing the assessment order u/s 143(3) r.w.s. 147 - delay of filing of return of income and audit report - assessment not initiated before the completion of the assessment and thus barred by limitation prescribed u/s 275? - HELD THAT:- Due date of filing of the return and audit report u/s 44AB of the I.T.Act was 30.09.2008. Admittedly, in the instant case, the assessee had filed the return of income and the audit report u/s 44AB only on 10.12.2008. The assessment order was completed u/s 143(3) r.w.s. 147 of the I.T.Act vide order dated 21.12.2010. The penalty proceedings were initiated after 23 months and 26 days from the date of assessment order and order u/s 271B was passed on 28.06.2013. There is a delay of filing of return of income and audit report by two months and 11 days. The return of income and audit report u/s 44AB was filed much before the assessment order u/s 143(3) r.w.s. 147 was completed. According to us, the assessee had only committed a technical venial breach, which does not create any loss to the exchequer as the audit report was available to the Assessing Officer well before the completion of the assessment proceedings. On identical facts, the Cochin Bench of the Tribunal in the case of Johns Biwheelers v. ACIT [2019 (3) TMI 630 - ITAT COCHIN] had deleted the penalty imposed u/s 271B We delete the penalty u/s 271B - Decided in favour of assessee.
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