No Section 271B penalty if reasonable cause exist for delay in furnishing Tax Audit Report

Sanjeev Kumar Goyal Vs ITO (ITAT Delhi) The appeal in the case of Sanjeev Kumar Goyal versus Income Tax Officer (ITO) before the Income Tax Appellate Tribunal (ITAT) Delhi centered around the imposition of a penalty under section 271B of the Income Tax Act, 1961, for Assessment Year 2013-14. Let’s delve into the details of the case to understand the context, arguments, and the tribunal’s decision. Background: Sanjeev Kumar Goyal, an individual engaged in the business of trading and manufacturing timber products and firewoods, filed his income tax return for A.Y. 2013-14, declaring...