https://www.taxtmi.com/caselaws?id=764215 ITAT Cochin allowed the assessee's appeal against penalty u/s 271B for non-compliance with Section 44AB audit requirements. The cooperative society failed to file tax audit report within due date, believing they were not required to file return of income u/s 139 as their total income after Section 80P deduction was nil. The tribunal held that assessee demonstrated reasonable cause under Section 273B, acting on honest and bonafide belief. Upon receiving notice u/s 142(1), assessee immediately consulted professionals, appointed CA firm, and filed required documents. The penalty was deleted considering the society's conduct and genuine belief regarding filing obligations. en-us Thu, 26 Dec 2024 00:00:00 +0530 Mon, 06 Jan 2025 08:42:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764215 ITAT Cochin allowed the assessee's appeal against penalty u/s 271B for non-compliance with Section 44AB audit requirements. The cooperative society failed to file tax audit report within due date, believing they were not required to file return of income u/s 139 as their total income after Section 80P deduction was nil. The tribunal held that assessee demonstrated reasonable cause under Section 273B, acting on honest and bonafide belief. Upon receiving notice u/s 142(1), assessee immediately consulted professionals, appointed CA firm, and filed required documents. The penalty was deleted considering the society's conduct and genuine belief regarding filing obligations. Case-Laws Income Tax Thu, 26 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764215