2025 (5) TMI 1647

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..... Leena Lal, Sr. D.R. ORDER PER: INTURI RAMA RAO, AM This appeal filed by the assessee is directed against the order of the National Faceless Appeal Centre, Delhi [CIT(A)], dated 19.07.2024 for Assessment Year (AY) 2018-19. 2. Brief facts of the case are that the appellant is a partnership firm engaged in retail business. The return of income for AY 2018- 19 was filed on 31.03.2019 dis....

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....e AO formed an opinion that the appellant firm had violated the provisions of section 44AB of the Act. Accordingly, a show cause notice was issued calling upon the appellant to explain as to why penalty should not be imposed u/s. 271B of the Act. In response to the show cause notice the appellant filed reply on 03.10.2022 stating that the delay in obtaining the prescribed audit report was caused o....

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....4. Being aggrieved, the appellant is in appeal before us in the present appeal. 5. The learned A.R. submitted that penalty cannot be levied as the audit report was furnished before completion of the assessment in view of the judgement of Hon'ble Madras High Court in the case of CIT v. A.N. Arunachalam [1994} 208 ITR 481. 6. On the other hand, the learned Sr. DR, placing reliance on the o....