No Section 271B Penalty if Tax Audit Report not submitted due to misinterpretation of CBDT Circular

Mudassir Rashid Ahmed Bakhla Makker & Co. Vs ITO (ITAT Mumbai) The issue under consideration is whether penalty u/s 271B can be avoided if non-furnishing of Tax Audit Report is due to Bonafide reasons? Brief facts are, in the course of assessment proceedings the Assessing Officer noticed that, though, the assessee is required to get his accounts audited under section 44AB of the Act and furnish the audit report electronically before the due date of return of income as per section 139(1) of the Act. However, the assessee has failed to do so. Therefore, he initiated proceeding for imposition...