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2016 (8) TMI 732 - AT - Income TaxPenalty under section 271B - delay in filing of tax audit report - Held that:- In the present case, it appears that statutory audit of the assessee got completed on 27.11.2009 and on the same date tax audit report was signed. The assessee filed the return of income on 28.01.2010 and the delay in getting the tax audit report was due to the delay in completing the statutory audit. The assessee was prevented by sufficient cause for non-compliance with the provisions of section 44AB. As decided in APL (India) Private Limited Versus JCIT (OSD) -8(1), Mumbai [2014 (4) TMI 206 - ITAT MUMBAI ] held that delay in completion of statutory audit was reasonable cause for non- compliance with section 44AB and it was held that Tribunal was right in cancelling penalty levied under section 271B - CIT(A) was not right in upholding the levy of penalty under section 271B – Decided in favor of Assessee.
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