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2019 (7) TMI 1368 - AT - Income TaxPenalty imposed u/s 271B - delayed audit of accounts - reasonable cause - misguided by his accountant - HELD THAT:- It has not been shown that the assessee’s sales at any time in the past exceeded the threshold monetary limit required for tax audit. An assessee would normally heed to the advice by his counsel, who, it is stated, failed to advise him in the matter. Surely, ignorance of law is no excuse, but, then, it needs to be borne in mind that we are here concerned with penalty proceedings, in which the conduct is of essence This is the 1st year of business operation of the assessee, and assessee was misguided by his accountant, hence penalty should not be imposed. Therefore, respectfully following the judgment of the Coordinate Bench, on the similar facts, in the case of Ramesh Kumar [2018 (5) TMI 1907 - ITAT AMRITSAR] we are of the view that it is not a fit case to levy penalty u/s 271B of the Act and therefore we delete the penalty - Decided in favour of assessee.
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