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TMI Blog2019 (1) TMI 1334X X X X Extracts X X X X X X X X Extracts X X X X ..... d return of income for assessment year 2012-13 on 25/01/2014. The assessment u/s. 143(3) of the Act was completed on 29/03/2015. During the assessment proceedings, the Assessing Officer noticed that the assessee got his accounts audited under section 44AB of the Act belatedly on 25/01/2014. Therefore, the Assessing Officer issued notice u/s. 271B of the Act on 29/03/2015 to the assessee to explain why the penalty proceedings u/s. 271B of the Act should not be imposed. After considering the reply of the assessee, the Assessing Officer levied penalty of Rs. 1,50,000/- u/s. 271B of the Act. 4. Against this, the assessee went in appeal before the CIT(A). Before the CIT(A), the assessee pleaded that the assessment proceedings u/s. 143(3) dated ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y operation on the business premises of the appellant during the course of survey, return of income were filed. The officer, without appreciating all these basic facts had proceeded to levy penalty and that too without a speaking order." 6. There was a reasonable cause within the meaning of section 273B to drop the penalty proceedings, since earlier years returns were pending, when alone present year's return could be filed. 7. When the predecessors in the office has dropped the proceedings on this score for the earlier years, it was only appropriate for the assessing officer to have dropped the penalty proceedings for the year also." 4.3 The CIT(A) observed that the assessee had got his accounts audited on 25/01/2014 much beyond the d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6. On the other hand, the Ld. DR relied on the order of the lower authorities. 7. We have heard the rival submissions and perused the record. In this case, the assessee was required to get his books of account audited and filed along with the return of income u/s. 44AB with the due date of 30/09/2012 for the assessment year 2012-13. However, the audit report was furnished only on 25/01/2014. The contention of the Ld. AR was that there was a delay in filing the return of income for the earlier assessment years 2010-11 and 2011-12 without which the return for the assessment year 2012-13 could not be filed. Since the assessee had to carry forward the balance from earlier years to the subsequent years, it was not possible to get the books of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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