TaxTMI 
TaxTMI 
2025 (1) TMI 243
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.... 271B of the Income Tax Act even though the tax payer had a reasonable cause for not getting his accounts audited for the relevant previous year. 2) The penalty of Rs. 1,50,000/- imposed under section 271B be cancelled. 3) Such other orders be passed as deemed fit and proper. 4) The appellant prays for leave to add to, modify or amend his grounds of appeal and lead evidence." 3. The facts of the case, in brief, are that the assessee is an individual engaged in medical profession being a qualified doctor (cardiologist). The assessee has e-filed his return of income on 27-03-2019 declaring total income of Rs. 4,39,14,050/-. The case was selected for compulsory scrutiny, since a survey u/s 133A was conducted at th....
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....submitted that an application to get the copy of statements and impounded papers was filed before the DCIT, Circle-11, Pune on 14.09.2017, but the same were provided to the assessee on 19th of January, 2018. Due to this reason, even the books of accounts for the period 01.04.2016 to 31.03.2017 could not be closed in due time which resulted in delayed finalization of books of accounts of financial year 2016-17 and consequently the finalization of books of accounts for financial year 2017-18 also got delayed. Ld. AR also submitted that until and unless the books of accounts for financial year 2016-17 are completed the balances to be carried forward for financial year 2017-18 cannot be available and therefore in such kind of situation the asse....
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....e IT Act for failure of the assessee to get accounts audited in respect of the previous year 2017-18 relevant to the assessment year 2018-19 as required u/s 44AB of the IT Act and furnished to the Assessing Officer before specified due date i.e. due date for filing the return of income. However, admittedly, in the present case, it is the case of the appellant that the tax audit report was filed belatedly along with return of income though the tax audit report was not obtained before the specified date. It is the contention of the assessee that the delay in getting the accounts audited is mainly due to the impounded documents & lapse on the part of the chartered accountant, who stopped his practice. It was also the contention of Ld. counsel ....
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....ferent sections which include section 271B. Section 271B maintains imposition of penalty on the failure but, by reason of rule of evidence provided under section 273B, such imposition of penalty is dependent on the proof that there was no reasonable cause for the failure. Omission of the particular phrase from the substantive law and incorporation thereof in the procedural law bears the legislative intent to make the provision of section 271B coercive instead of penal. The amendment was intended to remove the scope of any confusion with regard to the characteristics and nature of the proceedings under section 271B. The word "may" employed under section 271B though may be interpreted as discretionary yet that discretion is limited within the....
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....vs. Capital Electronics (261 ITR 4). 3.1 If the facts of the present case are examined in the light of law laid down in the aforementioned decision then even according to facts and circumstances of this case there is material on record according to which it can be said that the Assessee was prevented by sufficient cause for non-compliance with the provisions of section 44AB. The reason given in the present case for non-compliance with the statutory provisions of section 44AB is late completion of statutory audit by the auditors which was completed on 21.04.2009. After completion of the said statutory audit, within a reasonable time i.e. within a period of little more than 2 A.Y.08-09 months, the assessee obtained tax audit report o....