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TMI Blog2022 (5) TMI 328X X X X Extracts X X X X X X X X Extracts X X X X ..... est hardly deserves to be treated as a reasonable cause for disturbing the impugned penalty as upheld in the CIT(A)'s lower appellate discussion. The same stands confirmed therefore. - I.T.A. No. 979/HYD/2019 - - - Dated:- 21-3-2022 - SHRI A.MOHAN ALANKAMONY, ACCOUNTANT MEMBER AND SHRI S.S.GODARA, JUDICIAL MEMBER For the Appellant : Nalin Shah For the Respondents : Swapnil Patil, DR ORDER Per S. S. Godara , JM This assessee's appeal for AY. 2014-15 arises from the CIT(A)-6, Hyderabad's order dated 25-04-2019 passed in case No. 10301/2018-19/C/CIT(A)-6, involving proceedings u/s. 271B of the Income Tax Act, 1961 [in short, 'the Act']. Heard both the parties. Case files perused. 2. Coming to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dingly, I am of the considered opinion that the assessee cannot plead ignorance of law as an excuse for not getting his accounts audited and not furnishing the same before the AO within the specified date in terms of the provisions of section 44AB of the Act. 7.4 At this juncture, it may be noted that, as per the provisions of section 273B of the Act, in respect of imposition of penalty for violation of the provisions of the Act, including provisions of section 44AB of the Act, on account of reasonable cause for failure to abide by the law, such imposition of penalty can be withdrawn or cancelled, as the case may be. However, in the instant case, the reason given by the assessee i.e. being a salaried employee, was not aware of the prov ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he learned chartered accountant that the audit report and the other enclosures were available before the assessing authority even before completing the assessment, by itself is not a reason to substantiate the delay caused in filing such a report and the enclosures. Section 44AB of the Income-tax Act, 1961 became operative since the assessment year 1985-86 and anyhow we are concerned with the assessment year 2006-07. Even after twenty years of introducing such a section in the Income-tax Act alongwith section 271B. the assessee is stilt pleading the case as if this is a new provision and he had his own difficulties in complying with the provision. The explanations that the managing partner was away. etc. are explanations for the sake of exp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... we do not find the reasons and circumstances explained by the assessee as convincing or plausible. We find that this is a fit case to levy penalty under section 271B. Accordingly, we uphold the orders of the lower authorities. (emphasis supplied) 2. CIT Vs. Thomas Muthoot (2016) 387 ITR 471 (Del.) 3. Institute of Self Management Vs CIT (2011) 16 taxmann.com 331 (Chennai) 4. Anahaita Nalin Shah Vs DOT (2014) 43 taxmann.com 206 (Mum-Trib) 7.6 In view of the above, I am of the considered opinion that the assessee has failed to prove existence of reasonable cause for his failure to get the accounts audited within the specified date stipulated u/s. 44AB rws 273B of the Act. Accordingly, the AO has rightly imposed the pe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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