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TMI Blog2024 (3) TMI 427X X X X Extracts X X X X X X X X Extracts X X X X ..... ged the financial affairs, and his own critical medical condition during the relevant year. - HELD THAT:- Section 44AB casts an obligation upon the assessee to get accounts audited before the specified date and furnish by that date the report of such audit. It is not the case of the Revenue that the original return e-filed on 04.10.2013 was not within time prescribed u/s 139(1) of the Act. Section ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... isbelieved. In our opinion, there was reasonable cause for failure in furnishing the Tax Audit Report in time. As stated earlier, it is not a case of not getting the accounts audited in time. We, therefore, hold that the impugned penalty u/s 271B is not exigible which we hereby vacate. Assessee appeal allowed. - Dr. Brr Kumar, Accountant Member And Ms. Astha Chandra, Judicial Member For the Asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ith revised return, the gross receipts were Rs. 17,89,07,251/-. Since the assessee had failed to get his account audited u/s 44AB of the Act, proceedings u/s 271B of the Act were initiated in the assessment order dated 22.03.2016 passed u/s 143(3) of the Act. 3. During penalty proceedings before the Ld. AO, the assessee requested the Ld. AO to keep the proceedings in abeyance till disposal of his ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .2016 that the assessee filed Tax Audit Report dated 04.08.2013 along with the revised return on 17.06.2014 which has been duly considered. Para 3 of the assessment order refers. In para 4 of the assessment order, the Ld. AO himself observed that the Audit Report has been furnished on 17.06.2014 with the revised return and hence it is not filed within the stipulated time. The Ld. AO initiated the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... CIT(A) in reply uploaded on the ITBA Portal on 06.10.2021, it was submitted that the assessee himself was going through a critical medical condition in the year under consideration. It was also submitted that the delay in furnishing Audit Report in time was caused due to inadvertent mistake committed by his Chartered Accountant. The assessee s explanation has merely been disbelieved. In our opinio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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