Audit Penalty Set Aside Due to Bona Fide Cause for Delay

Sreedevi Voram Vs ITO (ITAT Hyderabad) Penalties for Non-Compliance & Audit Delay Deleted: ITAT Hyderabad Grants Full Relief The Hyderabad Bench of the ITAT allowed both appeals of the assessee for AY 2018-19, deleting penalties levied under sections 272A(1)(d) and 271B, holding that there was no deliberate or contumacious default and that the assessee had shown reasonable cause within the meaning of section 273B. Penalty u/s 272A(1)(d) (Non-compliance of notices): Although the AO levied penalty alleging non-response to notices under sections 143(2) and 142(1), the Tribunal noted that ...