2025 (8) TMI 1262

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.....G. Saratha, Addl.CIT ORDER PER ABY T. VARKEY, JM: This is an appeal preferred by the assessee against the order of the Learned Commissioner of Income Tax (Appeals)/NFAC, (hereinafter in short "the Ld.CIT(A)"), Delhi, dated 11.06.2024 for the Assessment Year (hereinafter in short "AY") 2016-17. 2. At the outset, the Ld. Counsel for the assessee submitted that there is a delay of '9' da....

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....he Act to the tune of Rs. 49,14,211/- which was accepted by the AO by passing assessment order on 28.12.2018. However, he levied penalty of Rs. 1.50 lakhs u/s.271B of the Act for belated filing of Tax Audit Report (TAR). 5. Aggrieved, the assessee preferred an appeal before the Ld.CIT(A) and brought to his notice that the accounts of the assessee society had to be statutorily audited by the Co-....

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....urt, on the facts of the case, the discretion exercised by the third respondent and as affirmed by the second respondent is an arbitrary exercise of power and it is not a just or reasonable exercise of power. Taking into consideration the object of the provision, the status of the petitioner being a co-operative society, it is being controlled by the authorities under the Tamil Nadu Co-operative S....

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....te that the Hon'ble High Court in similar case has deleted the penalty levied u/s.271B of the Act for belated filing of Tax Audit Report (TAR). Since no change in facts or law could be point out by the Ld DR, respectfully following the decision of the Hon'ble Madras High Court in the case of Thanjavur Silk Handloom Weavers Co-op. Production & Sales Society Ltd. (supra), we find that since there wa....