TMI Blog2022 (1) TMI 835X X X X Extracts X X X X X X X X Extracts X X X X ..... see is also a partner in various firms, wherein, search was conducted and books of accounts were taken under the custody of the Department. The delay was caused due to search conducted by the Department and the books of accounts are not readily available with the assessee. Under the above facts and circumstances, the delay was occurred, in our opinion, the delay in filing the audit report was neither willful nor wanton or inadvertently, it was only beyond the control of the assessee. There is a reasonable cause for the delay in filing the audit report within time by the assessee. Therefore, imposing penalty under section 271B of the Act for belated filing the audit report is unwarranted and not reasonable. We find that both the author ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 271B of the Act has been issued calling explanation of the assessee. After considering the explanation of the assessee, the Assessing Officer noted that there is a delay of fifteen months in filing the audit report. Since the assessee has not given any satisfactory reply and the assessee has not discharged its onus of proof with evidences for the inordinate delay of fifteen months in filing the audit report, the Assessing Officer levied penalty under section 271B of the Act at ₹ 1,50,000/-. On appeal, the ld. CIT(A) confirmed the penalty levied by the Assessing Officer. 4. Against confirmation of penalty levied under section 271B of the Act, the assessee is in appeal before the Tribunal. By reiterating the submissions as made be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h under section 132 of the Act on 11.11.2010 and the search related assessments were completed in all the cases on 28.03.2013. The Department has seized the books of account and other records of the assessee and all the firms at the time of search in the middle of financial year 31.03.2011. It is also a fact that the assessee filed the return of income belatedly only on 01.01.2015 for the assessment year 2013-14. It is also a fact that the assessee is also a partner in various firms, wherein, search was conducted and books of accounts were taken under the custody of the Department. The delay was caused due to search conducted by the Department and the books of accounts are not readily available with the assessee. Under the above facts and c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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