2023 (2) TMI 635

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....nd facts in levying and the learned CIT(A)- 11 Pune (hereinafter called CIT(A)) erred in law and facts in sustaining the penalty u/s 27IB of ITA 1961 amounting to Rs. 1,50,000 for the delay in furnishing a report of such audit as required under section 44AB of the Income Tax Act, 1961. While arriving at the above-mentioned conclusion, the lower authorities ignored - There was no reasonable opportunity provided to the assessee. - the explanation and evidence brought on record by the assessee. - the fact there was a bonafide reasonable cause for not filing the Tax Audit Report of Audited Statements within prescribed time limits as per section 44AB of ITA 1961. - that the assessee was prevented by r....

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....xplanation was filed by the appellant. Accordingly, penalty of Rs.1,50,000/- u/s 271B was levied by the Assessing Officer vide order dated 28.06.2019. 4. Being aggrieved by the penalty order, an appeal was filed before the ld. CIT(A) contending that Assessing Officer had not granted reasonable opportunity to represent the matter before him. Further, it was submitted that the delay in submission of the tax audit report was on account of the fact that the appellant was under bona-fide believe that the tax audit report is required to be filed along with the return of income only and/or the return of income could not be filed, as the appellant had no liquidity to pay selfassessment tax. However, the ld. CIT(A) rejecting the above contentions....