Penalty u/s 271B Deleted for Delay in Audit Report Due to Managing Director’s Illness

Advertisement Sahana Jewellery Exports Private Limited Vs ITO (ITAT Chennai) Penalty u/s 271B Deleted for Delay in Audit Report Due to Managing Director’s Illness: ITAT Chennai Grants Relief The Chennai Bench of the ITAT allowed the assessee’s appeal for AY 2016-17 and deleted the penalty of ₹1.50 lakh levied under Section 271B for delayed furnishing of audit report under Section 44AB. The assessee, a private limited company engaged in jewellery business, had filed its tax audit report on 11.01.2017, beyond the extended due date of 17.10.2016, leading the Assessing Officer to levy pen...