The ITAT held that the assessee was prevented by reasonable and ...

Reasonable cause for delay in tax audit compliance exempts penalty: ITAT allows assessee's appeal.

January 4, 2025

Case Laws Income Tax AT

The ITAT held that the assessee was prevented by reasonable and genuine cause for not getting the books audited in time u/s 44AB for the relevant previous years due to peculiar circumstances. Relying on the precedent of APL (India) Pvt. Ltd., the ITAT directed the AO to delete the penalty levied u/s 271B, allowing the assessee's appeal on the ground of reasonable cause for delay in audit compliance.

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The ITAT held that the assessee was prevented by reasonable and ...

Reasonable cause for delay in tax audit compliance exempts penalty: ITAT allows assessee's appeal.

January 4, 2025

Case Laws Income Tax AT

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