9911796707
TMI Blog2021 (6) TMI 1022X X X X Extracts X X X X X X X X Extracts X X X X ..... t'). 2. The only issue to be decided in this appeal is as to whether the learned CIT(A) was justified in sustaining the penalty levied under section 271B of the Act in the facts and circumstances of the instant case. 3. None appeared on behalf of the assessee. We have heard the learned DR and perused the material available on record. We find that assessee is engaged in the business of manufacturing and trading in synthetic and cotton yarns and had filed its return of income electronically on 30.07.2014 declaring total income at Rs. 5,11,95,233/-. During the course of assessment proceedings, the assessee also filed revised computation of total income at Rs. 5,23,02,541/-, as revised return could not be filed by the assessee in view of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ished within the prescribed time. It was pleaded that senior accountant of the assessee company, who was with the assessee company since inception of the business operations Ms. Anusha Shetty left the assessee company in December 2011. Thereafter, in April 2012, the assessee could appoint another person, Ms. Dharmishta Parmar in place of Ms. Anusha Shetty and had assigned responsibility of supervising and finalizing all books of account of the assessee, attending to auditors, attending to company's matters and tax matters. It was further pleaded that during the ongoing financial year, the assessee was informed by the auditors that domestic transfer pricing provisions are applicable to the assessee company on account of recent amendment mad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessee furnished all the appointment letters, bio data and the details of salary payments made to Ms. Anusha Shetty, Ms. Dharmishta Parmar and Mr. Kishore Mehta before the lower authorities. Accordingly, the assessee pleaded that it was prevented by the reasonable cause and the delay in getting the accounts audited both under companies Act as well as under the income tax Act were due to the reasons beyond the control of the assessee and accordingly, the assessee's reasonable cause falls within the meaning of section 273B of the Act and hence, no penalty u/s 271B of the Act could be levied. The aforesaid explanation did not find favour with the learned CIT(A), aggrieved by which, the assessee is in appeal before us. 5. We find that asse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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