Penalty u/s. 271B deleted since reasonable cause shown for belated filing of audit report

Chavakkad Service Co-Operative Bank Ltd Vs ITO (Kerala High Court) Kerala High Court held that penalty under section 271B of the Income Tax Act, for non-compliance with provisions of section 44AB, not imposable since reasonable cause for belated filing of audit report established. Facts- The appellants/assessees are Co-operative Societies who had filed returns of income for the purposes of assessment under the Income Tax Act. In breach of the provisions of Section 44AB of the I.T. Act, however, they did not file the audit report as mandated under the said provision within the time limit specif...