https://www.taxtmi.com/caselaws?id=445699 ITAT Cochin upheld penalty u/s 271B against a primary agricultural credit society (PACS) for delayed submission of audit report u/s 44AB. The assessee filed the audit report on 21.06.2014 against due date of 31.10.2013, claiming ignorance of legal requirement. The tribunal rejected this defense, stating law implies state policy to which citizens are subject, and the assessee being long-term taxpayer could not claim unawareness. The tribunal emphasized audit report obligation is delinked from return filing and assessment proceedings, serving policy framework purposes. The penalty was confirmed as civil liability under s. 271B. en-us Tue, 14 Nov 2023 00:00:00 +0530 Thu, 16 Nov 2023 14:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445699 ITAT Cochin upheld penalty u/s 271B against a primary agricultural credit society (PACS) for delayed submission of audit report u/s 44AB. The assessee filed the audit report on 21.06.2014 against due date of 31.10.2013, claiming ignorance of legal requirement. The tribunal rejected this defense, stating law implies state policy to which citizens are subject, and the assessee being long-term taxpayer could not claim unawareness. The tribunal emphasized audit report obligation is delinked from return filing and assessment proceedings, serving policy framework purposes. The penalty was confirmed as civil liability under s. 271B. Case-Laws Income Tax Tue, 14 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445699