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2023 (2) TMI 157 - AT - Income TaxPenalty levied u/s 271B - assessee has filed the tax audit report belatedly - HELD THAT:- By filing detailed year-wise sales turnover of assessee’s jewellery business and heavy loss incurred in the fish net business, the assessee has submitted before the ld. CIT(A) that her business was totally came to a standstill and matters went to a very critical level that her properties were put for auction by the bankers (M/s. Karur Vysya Bank), due to her inability to repay the loan or the mounting interest liability and also filed notice for sale of immovable properties published by the bankers in the leading news papers for recovery of ₹.29.60 crores as on 31.01.2022 plus interest till the date of settlement. Considering the pathetic condition of the assessee as well as by following various case law, the ld. CIT(A) has observed that the books of accounts audited, though belatedly, but the audit report was produced before the Assessing Officer before completion of the assessment. Since the assessee was prevented by reasonable cause for not getting her books of accounts audited in time as required under the provisions of section 44AB of the Act, but filed the tax audit report before completion of the assessment, the ld. CIT(A) has held that it is not a fit case for the levy of penalty under section 271B of the Act and accordingly, the penalty levied was deleted - Decided against revenue.
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