TaxTMI 
TaxTMI 
TaxTMI 
2023 (2) TMI 853
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....the Income tax Act, 1961 (in short 'the Act') dated 28.12.2021. 2. The assessee has marched this appeal on following grounds of appeal; "1. That under the facts and in the circumstances of the case the Ld. CIT(Appeals), has erred in law and facts in confirming the penalty amounting to Rs. 1,50,000/- under Section 271B of the I.T. Act, 1961 which is wrong, unwarranted and bad in law. Kindly delete the same. 2. That the appellant craves permission to add to or amend or any of the above grounds of appeal or to withdraw any of them." 3. The facts as culled out from the records is that the assessee e-filed her return of income on 09.02.2018 declaring total income at Rs. 3,21,510/-. The case was selected for scrutiny assessment whic....
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....upted at the last time, therefore, assessee's cause is not accepted. At the same time, the assessee should not have waited till the last time to get the accounts audited. As said earlier that after the closing of the FY on 31.03.2017, the assesse gets seven months to audit the accounts and file the return of income, therefore, any further delay is not tenable. The assessee failed to furnish the audit report within due date and the same was uploaded on 07.02 2018. After examining assessee's reply, no reasonable cause was found for such delay. Therefore, it is held that penalty u/s 2718 is leviable in this case at one half percent of total turnover, i.e. Rs.1,77,037/- or Rs. 1,50,000/- whichever is less. Considering the facts of the c....
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....oaded on the income tax portal on 06/02/2018, whereas the due date to furnish audit report u/s 44AB was 31/10/2017. Hence, it is clear that there was no reasonable cause for the delay by appellant in getting accounts audited u/s 44AB and uploading the same on the ITBA portal. The facts of the cases relied upon by appellant can be distinguished from the facts of this case. In view of the above discussion this ground of appeal is dismissed. 5. As the assessee did not find any favor from an appeal filed before the Commissioner of Income Tax, appeals the assessee has filed an appeal before this tribunal on the grounds as raised here in above. To support the grounds so raised by the assessee the ld. AR appearing on behalf of the assessee submit....
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....he explanation of the assessee that since the data crashed on the compute, they could get their books of accounted and there by they have based on the information rewrite the books and this has taken them three months' time. As the assessee's business turnover in the year under consideration is Rs. 3,54,07,472/-, assessee suppose to get their books of account audited and has to furnish a report of a Chartered Accountant by 31.10.2017. As explained by the assessee in her affidavit that the computer data crashed and therefore, the accounts rewritten and the audit report ultimately submitted on 07.02.2018. This fact is submitted by the assessee in a sworn affidavit. The revenue did not controvert this fact and also the fact that the assessee h....
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....e revenue. Therefore, based on these facts and voluntary compliance made by the assessee the lower authorities should have exercised the discretion available with him in not penalizing the assessee as there is no direct or indirect loss of delay in submission of the audit report and there is no malafide intention and the assessee has voluntarily complied though belatedly. The reasons based on upon it the audit report was filed belated is explained by the assessee by filling a correct fact on record and the assessee immediately filed the audit report after getting rewriting the books of account and the reason placed on record are the genuine and it may happen to anyone and has to face technical bugs in the system and the delay based on that ....