Penalty for Late Audit Report Submission u/s 271B Overturned Due to Inadequate Verification by Assessing Officer.

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....Penalty u/s 271B - non-furnishing of the Audit Report before the specified date - As the AO has failed in his duty in verifying whether books of account were audited before the specified date and only emphasized on the fact of furnishing the audit before the specified date , we do not find any reason for confirming the penalty levied u/s 271B - AT....