Audit report submission Delay due to partners health issues: ITAT deletes Section 271B Penalty

Balaji Logistics Vs ACIT (ITAT Chennai) The Income Tax Appellate Tribunal (ITAT) Chennai delivered a significant judgment in the case of Balaji Logistics vs ACIT concerning the assessment year 2015-16. The case centered around the imposition of a penalty under Section 271B of the Income Tax Act for the delayed filing of the tax audit report. Background of the Case Balaji Logistics, a firm engaged in logistics services, filed its return of income for the assessment year 2015-16 on March 28, 2016, declaring a total income of Rs. 56,69,650. The case was selected for scrutiny, and the assessment w...