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Income Tax Appellate Tribunal, COCHIN BENCH : COCHIN
Before: SHRI SATBEER SINGH GODARA & SHRI AMARJIT SINGH
This assessee’s appeal, for the assessment year 2016- 2017, arise against the National Faceless Appeal Centre [in short the “NFAC”] Delhi’s Din and Order No. ITBA/NFAC/S/250/2023- 24/1060556035(1), dated 06.02.2024, in proceedings u/s.271B of the Income Tax Act, 1961 (in short “the Act”).
Heard both the parties. Case file perused.
2 ITA.No.146/COCH./2024 2. Coming to the assessee’s sole substantive grievance challenging correctness of both the learned lower authorities action imposing sec.271B penalty herein; clinching facts emerging from the case file indicate that the “due” date of filing return u/sec.139(1) of the Act was 31.10.2016 and the assessee had submitted it’s statutory audit report on 25.02.2017 followed by the tax audit submitted on 06.07.2017; which culminated in the Assessing Officer’s sec.143(3) assessment getting completed on 24.10.2018.
We are of the considered view in this backdrop of the facts that not only the learned Assessing Officer could complete his assessment in assessee’s case very well after submission of the relevant tax audit report but also various circumstances involving of government body which has to abide by the State authority(ies) approvals and sanctions; could not be altogether ruled-out. We thus conclude that the foregoing delay of the assessee’s tax audit report indeed involves “a reasonable cause” within the meaning of sec.273B of the Act. We accordingly delete the impugned penalty u/sec.271B in very terms. Ordered accordingly.
This assessee’s appeal is allowed.
3 ITA.No.146/COCH./2024 Order pronounced in the open Court on 07.11.2024.