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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- 23/1050431829(1) dated 06.03.2023 in proceedings u/s. 250 of the Income Tax Act, 1961 (the Act).
Case called twice. None appears at assessee’s behest. We accordingly proceed exparte against the assessee.
It emerges during the course of hearing that both the learned lower authorities have levied section 271B penalty of Rs.1,12,351/- @ 0.5% of his total turnover amounting to Rs.2,24,70,212/- on the ground that it failed to furnish it’s tax audit report within the prescribed “due” date u/sec.139(1) of the Act. The Revenue fails to Role Agencies rebut the clinching facts on record that the assessee had filed the same along with it’s return u/sec.139(1) on 16.03.2017 [for AY 2016-17] which followed sec.143(3) assessment getting framed on 29.12.2018. coupled with this, the assessee had also filed it’s detailed explanation(s) before the learned lower authorities throwing light on circumstances beyond it’s control. We conclude in these facts that the assessee’s explanation indeed forms a “reasonable cause” within the meaning of sec.273B of the Act. The impugned penalty is deleted therefore.