No Section 271(1)(b) penalty if reasonable cause for non-compliance exist

Sun Infrastructure Pvt. Ltd. Vs ACIT (ITAT Pune) We have heard the ld. DR through Virtual Court and gone through the relevant material on record. There is no appearance from the side of assessee despite notice. As such, we are proceeding to dispose of the appeals ex parte qua the assessee. From the facts narrated in para 3.1 of the impugned order, it can be seen that the assessee maintained regular books of account which were audited. Consequent upon the search, the assessments for the relevant seven years were completed in March, 2013. The ld. CIT, invoking his power u/s.263, set aside the as...