Penalty for delay in filing Audit Report due to Dispute with Auditor is invalid: ITAT

M/s. Care Concern Hospital Pvt. Ltd Vs. ACIT (ITAT Kolkata) AO imposed the penalty u/s. 271B of the Act for not submitting the audited accounts of the assessee by an accountant before the specified date required as per sub-section (a), (b) & ( c) of section 44AB of the Act by 3009-2009. We find that the AO imposed penalty of Rs. 42,887/- i.e. 1/2% of gross receipts of Rs. 85,77,353/- found during the survey for the A.Y under consideration. The AO opined in his order that the sub-section (a),(b) & (c) of section 44AB of the Act is that every person carrying on business with total sales...