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2020 (4) TMI 458 - AT - Income TaxPenalty levied u/s 271B - delay in getting accounts audited u/s 44AB - Whether no specific charge was communicated vide the show cause notice, prior to levy impugned penalty? - HELD THAT:- We have noted that in the show cause notice, the AO has fairly mentioned to show cause and to appear within 7 days as to why a penalty u/s 271B should not be levied. AO also mentioned about the opportunity of hearing in person or through authorised representative. The assessee failed to substantiate and furnish plausible explanation, the explanation furnished by the assessee was not found to be plausible - no reasonable cause for not levying penalty was disclosed to the AO. AO levied minimum penalty prescribed u/s 271B. - Except making a submission of assessee that senior partner was no well, no plausible explanation was furnished. Assessee filed the copy of death certificate of the Sr Partner of the assessee. The date of death of the partner is 05.04.2018 that is almost six years of the relevant period. Moreover, the assessee was getting the audited report from last several years and cannot plead the ignorance of the provisions. - Levy of penalty confirmed.
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