No section 271B Penalty as failure to furnish return was due to ignorance & misguidance

Advertisement Lata Keshao Thaokar Vs ITO (ITAT Mumbai) ITAT Mumbai held that assessee furnished the return of income and audit report only after issuance of notice under section 148 of the Income Tax Act. Accordingly, penalty under section 271B of the Income Tax Act not leviable as failure was due to ignorance and misguidance. Facts- ROI for the A.Y.2011-12 was filed on 10.03.2014 declaring total income at ₹.3340/-. The income declared by the assessee as per return of income was accepted and assessment u/s 143(3) r.w.s 147 was completed. However, AO observed from the audit report and fina...