No Penalty for Non-enclosure of audit report along with ITR in absence of such requirement

ITAT Hyderabad held in the case of Sai Prasanthi Realtors & Sai Eswar Real Estates & Developers v. Dy. CIT that if assessee has obtained audit report before due date, but did not enclose audit report along with return of income due to CBDT instructions in this regard then, imposition of penalty under section 271B was not justified. As seen from the order of the assessing officer under section 153C, it is very clear that assessing officer has initiated penalty proceedings for not enclosing the audit report, but not for completing the audit before the due date. Board Circular No. 5 of 2...