Quantum-Pending – Bona Fide Belief Saves Assessee from Section 271B Penalty

Sanghi Textiles Private Limited Vs ITO (ITAT Hyderabad) Quantum-Pending Misunderstanding Not Fatal – 271B Penalty Remanded: Bona Fide Belief Saves Assessee from Final Blow Hyderabad  Tribunal examined penalty u/s 271B levied at Rs.1,50,000 for delay in furnishing audit report u/s 44AB. AO issued SCN & levied penalty, which was upheld by CIT(A). Assessee submitted before Tribunal that during penalty proceedings it believed quantum appeal outcome would affect penalty, hence did not file detailed factual explanation for delay. Tribunal noted that this bona fide belief pertained only to...