SAVALESHWAR DUDH UTPADAK SAHAKARI SANSTHA LTD,SOLAPUR vs. INCOME-TAX OFFICER, WARD - 1, PANDHARPUR

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ITA 1211/PUN/2018Status: DisposedITAT Pune21 July 2022AY 2014-156 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal held that the failure to get accounts audited under Section 44AB, in the context of a cooperative society already audited under state law and receiving grant-in-aid, could constitute a reasonable cause under Section 273B. The matter was remanded for fresh consideration.

What were the facts?

The assessee, a cooperative society, failed to get its accounts audited under Section 44AB of the Income Tax Act, 1961, despite receiving grants from the government. The Assessing Officer imposed a penalty under Section 271B, which was upheld by the CIT(A).

What were the issues?

Whether the failure to obtain an audit under Section 44AB by a cooperative society, which is already audited under state law and receives government grants, constitutes a reasonable cause for not imposing a penalty under Section 271B.

Which sections of the Income-tax Act were involved?

Section 44AB,Section 271B,Section 273B

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, PUNE BENCH “B”, PUNE

Before: SHRI S.S. GODARA & DR. DIPAK P. RIPOTE

For Appellant: Shri Sunil Ganoo
For Respondent: Shri M.G. Jasani

आदेश की प्रतिलिपि अग्रेपिि/Copy of the Order is forwarded to: अपीऱधर्थी / The Appellant; 1. प्रत्यर्थी / The Respondent; 2. 3. The CIT(A)-7, Pune 4. The Pr.CIT-6, Pune 5. विभागीय प्रविविवि, आयकर अपीलीय अविकरण, पुणे “B” / DR „B‟, ITAT, Pune 6. गार्ड फाईल / Guard file आदेशानुसार/ BY ORDER, // True Copy // Senior Private Secretary आयकर अपीलीय अविकरण ,पुणे / ITAT, Pune

Date 1. Draft dictated on 12-07-2022 Sr.PS 2. Draft placed before author 13-07-2022 Sr.PS 3. Draft proposed & placed before the JM second member 4. Draft discussed/approved by Second JM Member. 5. Approved Draft comes to the Sr.PS/PS Sr.PS 6. Kept for pronouncement on Sr.PS 7. Date of uploading order Sr.PS 8. File sent to the Bench Clerk Sr.PS 9. Date on which file goes to the Head Clerk 10. Date on which file goes to the A.R. 11. Date of dispatch of Order.

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