Penalty u/s 271B

[GYAN JAIN]

My assessee is p ltd co , in the year FY 2002-2003 the co fail to get accounts audited bacause the co has filed the pettion for removal of auditor before Regional director department of company affairs and permisiion not received , no new auditor accepted the audit before NOC from previous auditor and the co is failed to gets acounts audit in time and submit the Income tax retrun , the Ao imposed penalty under section 271B of the Income Tax Act, 1961 the appeal is pending before CIT appeal. suggest me and give me full citation of Case Laws avlaible

AI Summary

Company Faces Penalty Under Sec 271B for Late Tax Filing; Possible Relief Under Sec 273B Suggested A private limited company failed to get its accounts audited for the fiscal year 2002-2003 due to a pending petition for auditor removal and the lack of a No Objection Certificate from the previous auditor. As a result, the company could not submit its income tax return on time, leading to a penalty under section 271B of the Income Tax Act, 1961. The appeal is pending before the CIT. A respondent suggested referring to section 273B for relief due to reasonable cause and recommended reviewing relevant case laws for further guidance. Another respondent encouraged the original poster to share their own insights.