No section 271B penalty for mere venial technical breach of delay in filing tax audit report

Advertisement Ramunaicker Raja Vs ACIT (ITAT Chennai) ITAT Chennai held that as per assigning reasons for delay in filing audit report under section 44AB is venial technical breach and accordingly penalty under section 271B of the Income Tax Act not leviable. Facts- AO initiated penalty proceedings under section 271 B of the Act for late filing of audit report under section 44AB of the Act. Since the gross receipt of the assessee for the year under consideration was ₹.1,67,35,870/-, the assessee was required to get their accounts audited and liable to file the tax audit report as required...