Penalty u/s 271B levied for non-furnishing of audit report without reasonable cause

Sh. Yasir Bilal Khan Vs DCIT (ITAT Amritsar)

ITAT Amritsar held that penalty u/s 271B for non-furnishing of audit report within specified date leviable as assessee failed to prove nexus between non-completion of the audit report u/s. 44AB with the flood of Kashmir.

Facts- The penalty was levied by the ld. AO u/s. 271B of Rs. 1,50,000/- for each year for non-furnishing of Audit Report u/s 44AB of the Act & penalty U/s 271A amount of Rs. 25,000/-for non-submission of books of accounts in AY 2015-16.

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