Assessee's appeal allowed by ITAT against penalty u/s 271B for...

Assessee's appeal allowed by ITAT against penalty u/s 271B for non-compliance with Section 44AB. Assessee demonstrated reasonable cause for failure to file return and tax audit report within due date. Assessee had honest belief of not being required to file return due to nil taxable income after deductions. Upon receiving notice u/s 142(1), assessee immediately appointed CA firm, conducted tax audit, and filed return. ITAT held assessee's conduct showed reasonable cause u/s 273B for initial non-compliance.