Loading judgment…
No AI summary yet for this case.
Income Tax Appellate Tribunal, ‘ C’ BENCH : CHENNAI
Before: SHRI GEORGE MATHAN & SHRI RAMIT KOCHAR
आदेश / O R D E R PER GEORGE MATHAN, JUDICIAL MEMBER
This is an appeal filed by the assessee against the order of the Commissioner of Income-tax (Appeals),Salem in Appeal No.33/2017- 18 dated 24.10.2018 for the assessment year 2013-14 confirming levy of penalty u/s.271B of the Act.
Shri S.Sridhar represented on behalf of the Assessee and Shri J.Pavitran Kumar represented on behalf of the Revenue.
It was submitted by the ld.AR that there was a survey in the premises of assessee on 22.10.2012 due to which there was a delay in finalizing of the accounts of earlier years. As the own statement recorded in the course of survey was not available with the assessee and the same had to be obtained from Assessing Officer, it was submitted that the return for the assessment year 2012-13 came to be filed on 20.07.2013. For the assessment year, 2013-14, the return was filed only on 12.03.2014 after obtaining Audit Report. It was submitted that under similar circumstances in the case of assessee”s wife, Smt.S.Thilaikkarasi, the Co-ordinate Bench of this Tribunal vide order dated 30.04.2019 in for assessment year 2013-14 had cancelled the penalty levied u/s.271B of the Act.
In reply, the ld.DR vehemently supported the Orders of Assessing Officer and the ld.CIT(A).
We have heard the rival contentions and perused the material available on record. We have also perused the order of Co-ordinate Bench of this Tribunal in the case of assessee”s wife, Smt.S.Thilaikkarasi referred to supra. It is noticed that the Co-ordinate Bench of the Tribunal has held as follows:-
“The very object of filing of audit report is to assist the Assessing Officer to complete the assessment and levy tax. In this case, the audit report was admittedly filed on 13.03.2014 and the assessment was completed on 30.12.2016. Therefore, the audit report was very much available before the Assessing Officer on the date of assessment order. Therefore, there is no impediment on the part of the assessee in completing the assessment by the Assessing 3 Officer. Hence, this Tribunal is of the considered opinion that the levy of penalty under Section 271B of the Act is not called for. It is well settled principle of law that filing of audit report is mandatory but the time limit is only discretionary. In view of the above, this Tribunal is unable to uphold the orders of the lower authorities. Accordingly, orders of both the authorities below are set aside and the penalty levied under Section 271B of the Act is deleted. 5. In the result, the appeal filed by the assessee is allowed.” As it is noticed that the issue raised in assessee’s appeal is identical to the facts decided by the Co-ordinate Bench of this Tribunal in assessee’s wife appeal referred to supra, respectfully following the decision of Co-ordinate Bench of Chennai Tribunal referred to supra, the penalty u/s.271B of the Act as levied by the Assessing Officer and confirmed by the ld.CIT(A) stands deleted.
In the result, the appeal of assessee is allowed. Order pronounced in the open court after conclusion of hearing on 19th September, 2019, at Chennai.