Penalty u/s 271(1)(b) unjustified as special audit report u/s. 142(2A) submitted within extended time

Apeejay Education Society Vs DCIT (ITAT Chandigarh) ITAT Chandigarh held that imposition of penalty u/s. 271(1)(b) of the Income Tax Act unjustified as special audit completed u/s. 142(2A) and audit report submitted within the extended time limit provide by AO. Facts- The present appeal is filed by the appellant against the order of CIT(A), whereby, penalty u/s. 271(1)(b) of the Income Tax Act is upheld. Notably, the penalty u/s. 271(1)(b) is imposed on the appellant for not complying with the directions for special audit under section 142(2A) of the Income Tax Act issued by the Assessing Offi...