Audit report filed belatedly: ITAT deleted penalty u/s 271B

Vardhabhai Jethabhai Patel Vs ITO (ITAT Ahmedabad)

In the matter abovementioned ITAT deleted imposition of penalty after observing that report u/s 44AB was filed belatedly

The assessee filed return of income for AY 2012-13 at income of Rs.3,57,350/-. The case was reopened on receipt of the information that assessee has received contract receipt u/s.194C to the tune of Rs.1,32,30,498/-. After recording the reasons for reopening of the case and obtaining necessary approval the case was re-opened u/s.147 and reassessment was completed at Rs. 13,23,50,000/- u/s 143(3) r.w.s 147

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