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2023 (8) TMI 916 - AT - Income TaxLevy of penalty u/s. 271B - non completion of audit within reasonable time - HELD THAT:- As admitted fact that the Audit certificate was issued by the Tax Auditor on 20.02.2013, which was after the due date of completion of the audit u/s 44AB, which was contented by the assessee as beyond its control, and rightly so, we find merit in the submission of the assessee, however in the submissions of the assessee there was no whisper pertaining to delayed appointment of the Auditor, which could be the key fact or event justify the contention of the assessee that there was nothing on the part of assessee which makes assessee responsible for the delay. It is therefore necessary to verify when the statutory auditors and tax auditor were appointed by the regulatory authority i.e. registrar of cooperative society, thus, we are of the considered opinion that order of penalty levied by the Ld.AO u/s. 271B of the Act and confirmed by the Ld.CIT(A) is liable to be set aside with a direction to verify that the appointment of the statutory/tax auditor was done after the due date of completion of audit u/s 44AB of the Act, and if same is the case and audit was completed within a reasonable time of such appointment, then the penalty u/s 271B cannot be held as justified. We, therefore, set aside the order of the Ld.CIT(A) and restore the issue to the files of AO to verify the documents. Disallowance u/s 80P - Interest on the bank deposit - HELD THAT:- As issue involved in the present appeal regarding allowability of assessee’s claim pertaining to sec.80P(2)(a)(i) of the Act, on the interest on the bank deposit remain the same as were there [2022 (8) TMI 597 - ITAT RAIPUR] as relied upon by the assessee, therefore, we respectfully following the same, direct the AO to allow the assessee’s claim for deduction u/s. 80P(2)(a)(i).
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