Penalty u/s 271B Deleted After Assessee's Justifications Accepted for Audit Report Failures u/s 44AB.

Penalty u/s 271B Deleted After Assessee's Justifications Accepted for Audit Report Failures u/s 44AB. https://www.taxtmi.com/highlights?id=65897 Levy of penalty u/s. 271B - failure to get his books audited and furnish Audit Report u/s. 44AB - Section 271B as extracted above further throws light on the legislative intent as it specifically provides that no penalty "shall’ be imposed if the assessee proves "that there was reasonable cause for the said failure". - the explanations offered by the assessee have been ignored by the AO and CIT(A) - Penalty deleted - AT en-us Sat, 01 Oct 2022 16:57:49 +0530 Sat, 01 Oct 2022 16:57:49 +0530 TaxTMI RSS Generator Penalty u/s 271B Deleted After Assessee's Justifications Accepted for Audit Report Failures u/s 44AB. https://www.taxtmi.com/highlights?id=65897 Levy of penalty u/s. 271B - failure to get his books audited and furnish Audit Report u/s. 44AB - Section 271B as extracted above further throws light on the legislative intent as it specifically provides that no penalty "shall’ be imposed if the assessee proves "that there was reasonable cause for the said failure". - the explanations offered by the assessee have been ignored by the AO and CIT(A) - Penalty deleted - AT Highlights Income Tax Sat, 01 Oct 2022 16:57:49 +0530 https://www.taxtmi.com/highlights?id=65897