No penalty u/s 271B if appellant had bonafide belief

CA Prarthana Jalan Hon’ble Kolkata ITAT has deleted penalty u/s 271B in the case of Dr. Shantanu Datta in I.T.A. No. 261/Kol/2017 as there was a bona fide belief entertained by the assessee in the facts and circumstances of the case and the same constituted a reasonable cause for the failure of the assessee to comply with the requirement of section 44AB. In the case, the appellant was a doctor,deriving income from his two clinics viz. Accutare & Dutta Clinic. The gross receipts of the two clinics of the appellant for the year under consideration were Rs. 53,62,470/- and he, theref...