Case Law Details
Sushila Devi Vs ACIT (ITAT Jaipur)
ITAT Jaipur held that penalty u/s 271B not leviable for mere delay of one day as such delay didn’t have any deliberate intention. The delay if any is on account the reasons on the technical letches on the portal and the same is venial in nature.
Facts- The assessee having total turnover of Rs. 20,88,24,297/- is obliged to get her books of accounts audited as per provisions of section 44AB of the Income Tax Act, 1961 and submit the audit report within stipulated time. Notably, the assessee furnishes the said audit report on 08.11.2018 i.e. after the due date, thereby, failing to comply with the provisions of section 44AB of the Income Tax Act, 1961.
Accordingly, a notice u/s 271B was issued to the assessee on 21.12.2019 for not complying with the statutory provisions of the Act. Thereafter, penalty u/s 271B for an amount of Rs. 1,50,000/- was confirmed by the NeFAC.
CIT(A) also confirmed the levy of penalty.
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