Penalty u/s 271B Deleted for Delay in Audit Report Due to Managing Director’s Illness

Sahana Jewellery Exports Private Limited Vs ITO (ITAT Chennai) Penalty u/s 271B Deleted for Delay in Audit Report Due to Managing Director’s Illness: ITAT Chennai Grants Relief The Chennai Bench of the ITAT allowed the assessee’s appeal for AY 2016-17 and deleted the penalty of ₹1.50 lakh levied under Section 271B for delayed furnishing of audit report under Section 44AB. The assessee, a private limited company engaged in jewellery business, had filed its tax audit report on 11.01.2017, beyond the extended due date of 17.10.2016, leading the Assessing Officer to levy penalty which was up...