No section 271B penalty for Non fling of tax audit report due to Reasonable cause

Shetkari Sahakari Dudh Utpadak Sanstha Limited Vs ITO (ITAT Pune) The only issue in the present appeal relates to validity of the order passed u/s 271B of the Act. The provisions of section 44AB of the Act provides that where a turnover of the assesse exceeds the prescribed limit, is required to obtain the audit report and file it along with the return of income, failure to do so, attracts levy of penalty u/s 271B of the Act. The provisions of section 271B provides that where the assessee is prevented by sufficient reasonable cause for obtaining a tax audit report the penalty shall not be levi...