2023 (7) TMI 1273

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....ssment year 2018-19, which in turn, arose from the penalty order dated 29/10/2021, passed under section 271B of the Act. 2. In its appeal, the assessee has raised the following grounds:- "1. The Assessing Officer has erred in treating the appellant's case as one where no Tax Audit Report is filed. 2. The Assessing Officer has not considered the reasons for delay in filing the Audit Report as per the response of the appellant. 3. The Assessing Officer is not justified in saying that the appellant has not responded to the Show Cause Notice dated 12-08-2021 as the appellant could not file his response due to glitches in the Income Tax Portal. 4. The Assessing Officer even when the final Show Cause Not....

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.... The only dispute raised by the assessee is against the levy of penalty under section 271B of the Act. 4. The brief facts of the case as emanating from the record are: For the year under consideration, the assessee e-filed its return of income on 30/03/2019 declaring a total loss of Rs. 58,03,371. The return filed by the assessee was selected for scrutiny and statutory notices under section 143(2) as well as section 142(1) of the Act were issued and served on the assessee. In response to the notice, the assessee filed its submissions. On the basis of material available on record, the Assessing Officer ("AO") vide order dated 16/03/2021 passed under section 143(3) read with sections 143(3A) & 143(3B) of the Act accepted the explanation pr....

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....sentative ("learned AR") submitted that the assessee company only had two directors and out of them one of the directors expired on 03/10/2017, while the other director was not active in the business. The learned AR further submitted that the director who expired was also an accountant and was well-versed with all the aspects of the company and therefore due to the demise of the said director not only the tax audit report was filed belatedly but the return of income was also filed late. 8. On the other hand, the learned Departmental Representative vehemently relied upon the order passed by the lower authorities. 9. We have considered the submissions of both sides and perused the material available on record. In the present case, it is....