TMI Blog2019 (1) TMI 1335X X X X Extracts X X X X X X X X Extracts X X X X ..... ing the financial year, i.e. 30.09.2014. However, for the relevant assessment year the Central Board of Direct Taxes vide its order dated 20.08.2014 had extended the due date of filing of the audit report from 30.09.2014 to 30.11.2014. The assessee had not filed the audit report in this case. The assessee was very casual and did not enter appearance for the show cause notice issued for imposition of penalty. The assessee has not made out a reasonable cause as mentioned u/s 273B for non-furnishing of audit report u/s 44AB. Hence, we are of the view that the penalty u/s 271B has been rightly imposed - decided against assessee. - ITA No.454/Coch/2018 - - - Dated:- 22-1-2019 - Shri Chandra Poojari, AM Shri George George K, JM For the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... grieved by the imposition of penalty u/s 271B of the I.T.Act, the assessee preferred appeal before the first appellate authority. Before the first appellate authority it was contended that the assessee is a Society registered under the Kerala Co-operative Societies Act, 1969 and gets its accounts audited by the Co-operative Department of Government of Kerala, the Statutory Auditors of the Society. It was further submitted that audit u/s 44AB of the I.T.Act is not covered by the provisions of Kerala Co-operative Societies Act, 1969. It ws contended that mere failure to file the audit report in time, will not justify the imposition of penalty as section 271B of the I.T.Act is discretionary. The CIT(A), however, rejected the contention of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... covered by the provisions of the Kerala Co-operative Societies Act, 1969. The explanation of the Appellant cannot be considered as reasonable cause for the purpose of section 273B of the Act. Therefore, it is held that the Assessing Officer has correctly levied the penalty under section 271 B of the Act and there is no merit in the grounds raised by the Appellant. The grounds raised by the Appellant are dismissed. 5. Aggrieved by the order of the CIT(A), the assessee has filed the present appeal before the Tribunal. The learned AR reiterated the submissions made before the Income-tax Authorities. The learned Departmental Representative, on the other hand, submitted that there is no reasonable cause as mentioned u/s 273B of the I.T.Act ..... X X X X Extracts X X X X X X X X Extracts X X X X
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