2019 (1) TMI 1335

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.... 271B of the I.T.Act, amounting to Rs. 1,50,000? 3. The brief facts of the case are as follows:- The assessee is a Primary Agricultural Credit Society registered under the Kerala Co-operative Societies Act, 1969. It is engaged in the business of banking. For the assessment year 2014-2015, the return of income was filed on 15.01.2016 declaring Nil income after claiming deduction u/s 80P(2)(a)(i) of the I.T.Act amounting to Rs. 3,44,41,274. The assessment u/s 143(3) of the I.T.Act was completed vide order dated 06.12.2016. During the course of assessment proceedings it was noticed that the assessee has not filed the Audit Report as mandated u/s 44AB of the I.T.Act. Therefore, penalty notice was issued u/s 274 r.w.s. 271B of the I.T.A....

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....ssee reads as follows:- "4.2. The facts of the case, the grounds of appeal and the arguments of the Appellant have been considered. It is not the case of the Appellant that it is not covered by the provisions of section 44AB of the Act. It is also a fact that the Appellant has failed to comply with the provisions of section 44AB of the Act. As per section 271 B of the Act, penalty is leviable on failure to get account audited or furnish the report before the specified date under section 44AB i.e. due date for filing return of income u/s 139(1) of Income Tax Act, 1961. However, levy of such penalty is subject to the provisions of section 273B of Income Tax Act, 1961 and as per this section, it is for the Appellant to prove that ther....