No Section 271B penalty for delay due to illness of a partner & hardware damage

Attinkara Electronics Vs ITO (ITAT Cochin) ITAT Cochin held that the delayed audit report, due to the illness of a partner and hardware damage, constituted a technical venial breach that did not result in any loss to the exchequer. The audit report was filed before the completion of the assessment proceedings, and the reasons provided by the appellant were deemed reasonable causes for the delay. Consequently, the ITAT concluded that the penalty under section 271B of the Income Tax Act was not applicable in this case. The case of Attinkara Electronics vs ITO (ITAT Cochin) pertains to the assess...