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2023 (5) TMI 56 - ITAT CHENNAIPenalty levied u/s 271B - assessee has not filed the tax audit report within due date - Assessee assigning reasons for the delay that the appointment of Statutory Auditor was not in the control of the assessee and the C & AG has appointed the Statutory Auditor on 10.08.2017 and the Statutory Auditor accepted the audit by 27.03.2019 - HELD THAT:- Considering submissions that the audit report under section 44AB of the Act were furnished during the course of assessment proceedings under section 143(3) of the Act, which was also considered by the Assessing Officer before concluding the assessment, thus, we are of the considered opinion that when the Tax Audit Report was made available to the Assessing Officer before completion of assessment proceedings, then for venial technical breach without any mala fide intention, penalty cannot be levied under section 271B of the Act. See case of Balaji Logistics [2022 (9) TMI 1432 - ITAT CHENNAI] Thus it is not a fit case for the levy of penalty under section 271B of the Act and accordingly, the penalty levied stands deleted. Decided in favour of assessee.
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