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2023 (7) TMI 1273 - AT - Income TaxPenalty u/s 271B - not only the return of income but also the tax audit report could not be filed on time - reasonable cause in terms of section 273B or not? - HELD THAT:- We find that the learned AR is the other director of the assessee company, who has also signed Form no.36 of the present appeal and has claimed to be not well-versed with the daily affairs of the company and other accounting aspects. Therefore, when the loss return has been accepted by the Revenue and the audit report filed belatedly was available with the AO during the assessment proceedings, we are of the view that no adverse inference can be drawn against the assessee for not filing the audit report within the prescribed time. We are of the considered view that the assessee had reasonable cause in terms of section 273B for not furnishing the audited report under section 44AB of the Act in time. Appeal by the assessee is allowed.
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