Penalty for Late Audit Filing Overturned Due to Family Death and Health Issues; Tribunal Finds Reasonable Cause.

Penalty u/s 271B - assessee had failed to get his account audited u/s 44AB - The assessee explained that the delay in furnishing the Audit Report was due to the death of his elder brother, who managed the financial affairs, and his own critical medical condition during the relevant year. - The ITAT noted that the Tax Audit Report was filed along with the revised return within the permissible time as allowed under section 139(5) of the Income Tax Act. - The Tribunal held that there was reasonable cause for the delay in furnishing the Tax Audit Report and therefore concluded that the penalty imposed under section 271B was not justified. .....

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