ITAT upholds penalty for failure to furnish audit report without reasonable cause

Paravur Service Cooperative Bank Ltd Vs ITO (ITAT Cochin) Paravur Service Cooperative Bank filed an appeal before the ITAT Cochin against the penalty imposed by the AO under Section 271B of the Income Tax Act for the bank’s failure to furnish the audit report of its accounts audited by the Cooperative Department Auditor within the specified date. The bank claimed that being a Cooperative Society registered under the Kerala Cooperative Society Act, it had complied with the statutory audit requirements of the Act. However, the AO and the Ld. CIT(A) upheld the penalty, and the bank appealed...