Ignorance of Law is not a reasonable cause to delete Section 273 Penalty

Mohd Zaheeruddin Zeeshan Ayub Vs ITO (ITAT Hyderabad) Learned Counsel  contended during the course of hearing that this assessee is drawing salary income on regular basis and it was only in the impugned assessment year that he had carried out corresponding transactions requiring audit report u/s.44AB of the Act. He therefore pleaded assessee’s ignorance only as a reasonable cause u/s. 273 for deleting the impugned penalty under Section 271B. We have given our thoughtful consideration to assessee’s vehement contentions and find no merit therein. It is an admitted fact that the assessee’s...