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Case Law Details

Case Name : Vellakovil Primary Agricultural Cooperative Bank Limited Vs ITO (ITAT Chennai)
Related Assessment Year : 2013-14
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Vellakovil Primary Agricultural Cooperative Bank Limited Vs ITO (ITAT Chennai)

ITAT Chennai held that penalty under section 271B of the Income Tax Act cannot be levied for venial technical breach without any mala fide intention of the assessee as tax audit report submitted before completion of assessment proceedings.

Facts- Because of non-filing of return and cash deposits into bank account, the case of the assessee was reopened for AY 2013-14, 2014-15, 2015-16 and 2016-17

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