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2022 (5) TMI 328 - AT - Income TaxPenalty u/s 271B - transactions requiring audit report u/s. 44AB - delay caused in filing a report and the enclosures as per sec 44AB - HELD THAT:- It is an admitted fact that the assessee's case is very well covered u/s. 44AB of the Act as his turnover has indeed exceeded the basic threshold limit of Rs. 40 lakhs in the relevant previous year. There is further no dispute that neither the assessee had got prepared his audit report nor the same had been furnished well within time to the assessing authority; as the case may be. We therefore hold that mere ignorance of law pleaded herein at the assessee's behest hardly deserves to be treated as a reasonable cause for disturbing the impugned penalty as upheld in the CIT(A)'s lower appellate discussion. The same stands confirmed therefore.
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