No Penalty for Audit Delay Due to Partner Death: ITAT Cochin

T.J. Mathai and Company Vs ITO (ITAT Cochin) The Income Tax Appellate Tribunal (ITAT), Cochin Bench, allowed an appeal filed by T.J. Mathai and Company, setting aside the order of the National Faceless Appeal Centre (NFAC) and deleting a penalty of Rs. 1.5 lakh imposed by the Assessing Officer (AO) under Section 271B of the Income Tax Act, 1961. The penalty was levied for the assessee’s failure to file the tax audit report within the stipulated time for the Assessment Year (AY) 2014-15. The appellant, a partnership firm involved in road repair works for the Corporation of Cochin, had not...