Penalty u/s 271B for non-filing of tax audit report not leviable if sufficient cause shown

Tarlok Singh Vs ITO (ITAT Amritsar) ITAT Amritsar held that non-filing of tax audit report due to technical glitch is the reasonable cause shown. Accordingly, penalty under section 271B of the Income Tax Act not leviable for such non-filing of tax audit report. Facts- AO has initiated the penalty under section 271B of the Income Tax Act, 1961 for late filing of audit report under section 44AB of the Act against the assessee. AO noted that the gross receipt of the assessee for the year under consideration was Rs. 1,70,27,553/- and hence the assessee was required to get its account audited and l...