No penalty for Bonafide Non-compliance with section 44AB Tax Audit Requirement

Senapati Satija Vs ACIT (ITAT Delhi) In Section 271B of the Act, the discretion has been given to the Assessing Officer to direct the assessee to pay by way of penalty a sum equal to one-half percent of the total sales etc. etc. The provisions empower the Assessing Officer to levy the penalty as per its discretion. In our considered view, the discretion can be exercised by a person who has been entrusted with such discretion, judiciously, reasonably and cautiously and considering the peculiar facts and circumstances of the case. In the instant case, the assessee committed default first time fo...