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2020 (4) TMI 652 - AT - Income TaxLevy of penalty u/s.271B - belated submission of tax audit report - HELD THAT:- Admittedly, tax audit report was filed alongwith return filed in response to show cause notice issued u/s.148 of the Act which means that the Assessing Officer had the benefit of tax audit report and no prejudice can said to have been caused for the Department on account of belated submission of tax audit report. See P. SENTHIL KUMAR VERSUS PRINCIPAL COMMISSIONER OF INCOME TAX-5, CHENNAI [2019 (1) TMI 222 - MADRAS HIGH COURT] - we are of the considered opinion that levy of penalty u/s.271B of the Act is not warranted. - Decided in favour of assessee.
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