Loading judgment…
No AI summary yet for this case.
Income Tax Appellate Tribunal, COCHIN BENCH, COCHIN
Before: Shri Satbeer Singh Godara & Shri Amarjit Singh
O R D E R Per Bench This assessee’s appeal for A.Y. 2016-17 arises against the National Faceless Appeal Centre, Delhi [CIT(A)]’s DIN & Order No. ITBA/NFAC/S/250/2022- 23/1051672102(1) dated 30.03.2023 in proceedings u/s. 250 of the Income Tax Act, 1961 (the Act).
Heard both the parties. Case file perused.
Both the learned representatives vehemently argue against and in support of the lower authorities’ action levying section 271B penalty in assessee’s case; who, inter alia, had filed its return on 28.06.2019 along with tax audit report. It goes without saying that the Assessing Officer completed section 143(3) assessment on KNS Hajee Shaik Labbai Sahib Company Pvt. Ltd. 30.09.2021. Meaning thereby that although there is some delay in filing of the assessee’s return along with tax audit report, she has indeed explained the reasons thereof due to various communication gaps, etc. with the auditor’s office. That being the case, we hold that the assessee has been able to prove the “reasonable cause” u/sec.273B and, therefore, we delete the impugned penalty u/sec.271B of the Act in very terms.
This assessee’s appeal is allowed.