Section 271B Penalty Notice After 4 Years of assessment is Time-Barred: Kerala HC

VEE ESS Hardwares Vs ACIT (Kerala High Court) Kerala High Court held that issuance of notice for imposition of penalty under section 271B for failure to furnish audit report after more than four years of completion of assessment is barred by limitation as per section 275(1)(c) of the Income Tax Act. Facts- Petitioner is a firm engaged in the business of retail trade of Hardwares and Ceramic Tiles. Consequent to a survey carried out u/s. 133A of the Act, petitioner was assessed to income tax u/s. 143(3) of the Act for the assessment year 2017-18, by an order dated 26.12.2019. In the aforesaid o...