Penalty not to be imposed in certain cases - Section 273B - Income Tax - Ready Reckoner - Income Tax

Penalty not to be imposed in certain cases - Section 273B No penalty shall be imposable on the person or the assessee, as the case may be, for any failure referred to in the provisions of sections 271(1)(b), 271A, 271AA, 271B, 271BA, 271C, 271CA, 271D, 271E, 271F, 271FA, 271FAA [ w.e.f. 01/10/2024 ] , 271FAB, 271FB, 271G, 271GA, 271GB, 271GC [ w.e.f. 01/04/2025 ] , 271H, 271-I, 271A(1)(c), 272A(2), 272AA(1), 272B, 272BB(1), 272BB(1A), 272BBB(1), 273(1)(b), 273(1)(b)/(c) if he proves that there was reasonable cause for the said failure. Assessee to show reasonable cause: - Where there is failure to comply with notice to produce books of account u/s 142(1), the onus is on the assessee to show reasonable cause for not complying with notice. Revenue need not establish or prove deliberate failure to comply with notice. [CIT v Standard Merchantile Co. (1986) 1985 (7) TMI 44 - PATNA HC ] Penalty leviable even if there was a reasonable cause: In the following cases, penalty will be leviable even if the assessee proves that there was a reasonable cause:- Penalty u/s 271(1)(a) : Being legally bound to state the truth of any matter touching the subject of assessment, refuses to answer any question and 271(1(b) refuses to sign any statement demanded by IT Authority. Penalty u/s 271AAB for income found in course of search u/s 132 on or after 1-6-2007 which is not recorded in books of account or not disclosed to CCIT or CIT.