Penalty u/s. 271B deleted as reasonable cause shown: ITAT Bangalore

Shrishaila Mallikarjun Traders Vs ITO (ITAT Bangalore) ITAT Bangalore held that penalty under section 271B of the Income Tax Act for delay in uploading audit report set aside as reasonable cause shown and there was only technical breach without any loss to exchequer of the Government. Facts- Assessee is a partnership firm carrying on business of Petroleum Products like Petrol, Diesel, Lubricants, Tyres and Tubes. Assessment proceedings of the assessee were reopened on the basis of information pertaining to cash deposits during the demonetization period i.e. during FY 2016-17 amounting to Rs.4,...