9911796707
TMI Blog2023 (2) TMI 635X X X X Extracts X X X X X X X X Extracts X X X X ..... ate remains uncontroverted. The very object behind enactment of the provisions of section 44AB is only to enable the AO to determine the correct taxable income in accordance with the provisions of the Act. The fact that the returned income was accepted by the AO goes to show that no prejudice was caused to the AO on account of delay in submission of tax audit report. The delay in submission of the tax audit report is mere only technical breach of law, which, in our considered opinion, does not warrant levy of penalty u/s 271B of the Act. In the circumstances, we direct the AO to delete the penalty levied u/s 271B - Appeal of assessee allowed. - ITA No. 610/PUN/2022 - - - Dated:- 3-2-2023 - SHRI S. S. GODARA, JUDICIAL MEMBER AND SHRI ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... riefly, the facts of the case are as under :- The appellant is an individual engaged in the business of gold ornaments and jewellery carrying on business in the name and style of Kerala Fashion Jewellers. The survey operations were conducted on the business premises of the appellant u/s 133A of the Income Tax Act, 1961 ( the Act ) on 06.02.2018. During the course of survey operations, the appellant had filed return of income, which was not filed within the due date specified u/s 139(1) of the Act. Accordingly, the appellant had filed the return of income on 30.03.2018 showing taxable income of Rs.32,15,380/-. Against the said return of income, the assessment was completed on 14.12.2018 accepting the retuned income. The appellant filed a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tice of hearing. 7. On the other hand, ld. Sr. DR supported the orders of the authorities below levying penalty u/s 271B of the Act. 8. We heard the ld. Sr. DR and perused the material on record. The issue in the present appeal relates to the exigibility of penalty u/s 271B for failure of the assessee to get accounts audited in respect of the previous year relevant to the assessment year under consideration as required u/s 44AB and furnished to the Assessing Officer before specified due date i.e. due date for filing the return of income. It is pertinent to note that w.e.f. 01.07.1995, it obligatory on behalf of the assessee that tax audit report has to be got completed by specified date, as specified in clause (ii) of section 139(1) a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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