Section 271B penalty notice after 30 months of completion of assessment is not sustainable

Jila Sahakari Kendriya Bank Maryadit Vs ITO (ITAT Raipur) Pithily stated, the assessee filed return of income on 29.03.2010 declaring loss of Rs. 8,92,526/-. Subsequently to that the case was selected for scrutiny under CASS. The assessee derives income from banking activity basically in the type of giving out loans to the farmers. After examining the various aspect and documents, the return income shown by the assessee accepted by the AO vide assessment order dated 31.12.2011. On 16.06. 2014 the ld. AO issued a notice u/s. 271B stating that since assessee have failed in complying with the pro...