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2023 (6) TMI 272 - ITAT KOLKATAPenalty u/s. 271B - penalty imposed for failure to get accounts audited and to furnish a report of such audit as required u/s. 44AB - Scope of reasonable cause for the failure as provided u/s. 273B - HELD THAT:- As submitted that assessee is dealing in retail trading of building material on commission basis. The impugned year is the first year wherein his gross receipts/turnover exceeded the threshold prescribed u/s. 44AB of the Act and was under a bonafide belief that there was no requirement of any audit in this respect. Subsequently, assessee got the accounts audited in respect of his share transaction and obtained the report as required u/s. 44AB - assessee has furnished an affidavit to state that he was not in the knowledge of the share transactions in his name as the same was done by his broker. Considering a reasonable cause as envisaged u/s. 273B of the Act, we hold that impugned penalty is not sustainable and is hereby deleted. Grounds taken by the assessee are allowed.
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