2023 (6) TMI 638

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....t : Smt. J.M. Jamuna Devi, Sr. D.R. ORDER PER: BENCH This is an Appeal by the Assessee directed against the confirmation of penalty under section 271B of Income Tax Act, 1961 ('the Act' hereinafter), vide Order dated 29.03.2019 by the Assessing Officer (AO), by the National Faceless Appeal Centre (NFAC), Delhi ('CIT(A)' for short) vide order dated 08.09.2022. The relevant assessment year (AY)....

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....e assessee had failed to furnish the audit report there-under. The explanation of having furnished, instead, the audit report under the Kerala Act was found by the AO as in fact in compliance of the first condition of section 44AB of the Act, requiring, in addition, furnishing of audit report u/s. 44AB of the Act, referring to the relevant Rule, prescribing the specified form for the said audit re....

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....of section 44AB, is attracted. It is only upon the assessee proving a reasonable cause for the delay; rather, non-furnishing in the instant case, that it could eschew the levy of penalty. The assessee is a business organization, maintaining regular accounts and, as it appears, for several years, which are regularly subject to audit under the Kerala Act and, perhaps, even under the Act. Why, then, ....