https://www.taxtmi.com/caselaws?id=758543 The ITAT Visakhapatnam upheld penalty under section 271B for delayed filing of audit report under section 44AB. The assessee claimed books of accounts were destroyed by white ants, necessitating reconstruction and causing delay. The tribunal found the assessee failed to provide evidence supporting this claim of reasonable cause. Without demonstrating reasonable cause as required under section 273B, the penalty was confirmed. The tribunal dismissed the assessee's appeal, affirming both the AO's penalty imposition and CIT(A)'s order. en-us Thu, 05 Sep 2024 00:00:00 +0530 Mon, 16 Sep 2024 07:59:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758543 The ITAT Visakhapatnam upheld penalty under section 271B for delayed filing of audit report under section 44AB. The assessee claimed books of accounts were destroyed by white ants, necessitating reconstruction and causing delay. The tribunal found the assessee failed to provide evidence supporting this claim of reasonable cause. Without demonstrating reasonable cause as required under section 273B, the penalty was confirmed. The tribunal dismissed the assessee's appeal, affirming both the AO's penalty imposition and CIT(A)'s order. Case-Laws Income Tax Thu, 05 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758543