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2022 (9) TMI 582 - AT - Income TaxPenalty levied u/s 271B - assessee has not filed the audit report of accounts in 3CB Form on or before the due date under section 139(1) - proof of reasonable cause for the delay in filing the tax audit report under section 44AB - submissions of the assessee that his accounts were audited by the auditor within the prescribed time and copy was furnished before the AO and the auditor informed him that he had been uploading the report in the income tax website every year thus under bonafide belief assessee believed auditor had been uploading the tax audit report - HELD THAT:- On perusal of the orders of authorities below, we find that it is the case of the assessee that tax audit report under section 44AB of the Act was not filed before the due date of filing the same, but it was filed belatedly. Moreover, it is also not the case of the assessee that the accounts were not audited by the auditor within the prescribed time. The tax audit report was obtained well within the stipulated due date apart from mentioning of the same in the returns filed by the assessee. Considering the explanations that the assessee was prevented by reasonable cause for the delay in filing the tax audit report under section 44AB of the Act, we are of the considered opinion that the penalty levied u/s 271B is liable to be deleted. Accordingly, the penalty levied u/s 271B is deleted for both the assessment years. - Decided in favour of assessee.
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