Penalty u/s 271B unsustainable as reasonable cause shown

Mohammad Daud Vs ITO (ITAT Delhi)

ITAT Delhi held that imposition of penalty under section 271B of the Income Tax Act unsustainable as reasonable cause shown for non-submission of audit report.

Facts- The assessee is an individual engaged in retail trading of Amul Dairy Products like milk, paneer, ghee, curd, etc. on day to day basis. This is the first year of his business. He did not file his return u/s. 139(1) of the Act and even after initial issue of notice under section 142(1) of the Act through

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