State Entity Avoids Penalty u/s 271B Due to Uncontrollable Delays in Tax Audit Report Filing and AGM Extension.

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....Penalty u/s 271B - delay in filing the tax audit report u/s 44AB - reasonable cause - statutory audit of the financial statements was not completed within the stipulated period due to frequent change of Managing Director - also seeking extension of time from ROC for convening the AGM and adoption of books of account - reasons were beyond the control of the assessee being a State Government Undertaking - no penalty....