Case Law Details
M/s. The Vaikom Palliprethussery Service Cooperative Bank Limited Vs ITO (ITAT Cochin)
In the instant case for the relevant assessment year the Co-operative Department had audited the assessee’s case and submitted a report on 24.09.2014. The assessee had sufficient time to file audit report u/s 44AB of the I.T.Act within the specified date, which is 30th day of December, immediately following the financial year, i.e. 30.09.2014. However, for the relevant assessment year the Central Board of Direct Taxes vide its order dated 20.08.2014 had extended the due date of filing of the audit report from 30.09.2014 to 30.11.2014. The assessee had not filed the audit report in this case. The assessee was very casual and did not enter appearance for the show cause notice issued for imposition of penalty. The assessee has not made out a reasonable cause as mentioned u/s 273B of the I.T.Act for non-furnishing of audit report u/s 44AB of the I.T.Act. Hence, we are of the view that the penalty u/s 271B of the I.T.Act has been rightly imposed. It is ordered accordingly.
FULL TEXT OF THE ITAT JUDGEMENT
This appeal at the instance of the assessee is directed against CIT(A)’s order dated 24.07.2018. The relevant assessment year is 2014-2015.
2. The solitary issue that is raised is whether the CIT(A) is justified in confirming the penalty imposed u/s 271B of the I.T.Act, amounting to Rs.1,50,000?
Please become a Premium member. If you are already a Premium member, login here to access the full content.
