Penalty leivable u/s 271B on non-production of Audit Report in prescribed format

ITO Vs M/s. Peroorkada Service Cooperative Bank Ltd. (ITAT Cochin) Conclusion: Penalty under Section 271B was justified as assessee had not produced audit report in the prescribed format before AO and no explanation regarding the reasonable cause for not filing the audit report within the prescribed time limit was given. Held: In the present case, AO levied penalty under section 271B  on non filing of audit report within the stipulated time limit i.e. on 30/09/2014. Assessee claimed that it was a co-operative society and the audit of the Society was done as per the provisions of Kerala Co-ope...