Penalty under s.271B quashed as firm ceased to exist for assessment year; no liability for s.44AB audit report

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....The ITAT quashed penalty under s.271B for failure to furnish an audit report under s.44AB, holding that the firm ceased to exist for the relevant assessment year and therefore no assessment or ancillary penalty proceedings could lawfully be initiated against the assessee. The Tribunal relied on a coordinate-bench decision in the assessee's own case for the relevant year, which concluded the firm's non-existence rendered subsequent assessment additions and penalties void ab initio. Consequently, the AO's penalty imposition under s.271B was declared null and void and set aside, and the appeal filed by the assessee was allowed.....