No Penalty u/s 271B for Delay Due to director-cum-accountant’s Death

Revanta Hometex India Pvt. Ltd Vs CIT (ITAT Mumbai) ITAT Mumbai held that penalty under section 271B of the Income Tax Act for delay in furnishing of audit report not leviable on account of reasonable cause shown that delay was due to the death of director who was also an accountant of the company. Facts- The assessee e-filed its return of income on declaring a total loss of Rs. 58,03,371. The return filed by the assessee was selected for scrutiny and statutory notices u/s. 143(2) as well as section 142(1) of the Act were issued and served on the assessee. On the basis of material available on...