Case Law Details
Kendrapara Credit Co-operative Society Ltd. Vs ITO (ITAT Cuttack)
A perusal of the facts as recorded by the AO shows that the delay in submitting the audit report was on account of delay in obtaining audit report from the statutory auditors. It is fairly admitted that the statutory auditors is appointed by the Registrar of Co-operative Societies and not by the assessee. This being so, we are of the view that the assessee has sufficient and reasonable cause for delay in obtaining the audit report. It is also an admitted fact that the audit report was available before the AO, when the assessment was done. This being so, we are of the view that it is a fit case for deletion of penalty u/s.271B of the Act. Consequently, the penalty levied by the AO U/S.271B of the Act and confirmed by the ld CIT(A) stands deleted.
FULL TEXT OF THE ORDER OF ITAT CUTTACK
This is an appeal filed by the assessee against the order of the CIT(A), National Faceless Appeal Centre (NFAC), Delhi dated 19.3.2021 in Appeal No. CIT(A), Cuttack /10165/2019 -20 for the assessment year 2016-17.
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