https://www.taxtmi.com/caselaws?id=762618 The ITAT Bangalore allowed the assessee's appeal against penalty under Section 271B for non-furnishing of audit report under Section 44AB. The tribunal found reasonable cause existed as the firm's accountant resigned abruptly in September 2017 due to salary dissatisfaction, leaving accounts unfinalized. The accountant rejoined in September 2018 after salary revision and immediately completed the audit report filing. The tribunal noted no revenue loss occurred and only a technical breach existed. The CIT(A)/NFAC's failure to consider the reasonable cause plea vitiated their order. en-us Fri, 29 Nov 2024 00:00:00 +0530 Wed, 04 Dec 2024 11:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762618 The ITAT Bangalore allowed the assessee's appeal against penalty under Section 271B for non-furnishing of audit report under Section 44AB. The tribunal found reasonable cause existed as the firm's accountant resigned abruptly in September 2017 due to salary dissatisfaction, leaving accounts unfinalized. The accountant rejoined in September 2018 after salary revision and immediately completed the audit report filing. The tribunal noted no revenue loss occurred and only a technical breach existed. The CIT(A)/NFAC's failure to consider the reasonable cause plea vitiated their order. Case-Laws Income Tax Fri, 29 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762618