KUNNATHUNAD SERVICE CO-OP BANK LTD,PERUMBAVOOR vs. THE ITO WARD 2 , ALUVA

We advert to the assessee’s former appeal 271B penalty on account of delay in submission of tax audit report before the learned Assessing (AY : 2016-17) Kunnathunad Service Co-op. Bank Ltd. Officer. There is hardly any dispute between the parties that it is not a case of altogether non-submission of the tax audit report, once it has come on record that the assessee, inter alia, received its audit report [qualified by the state government] only by 31st October, 2017 followed by it’s return filed on 31.03.2018 along with the same. The assessee’s impugned delay in filing the tax audit report therefore, does not involve any considerable time once stood submitted very well during the course of assessment itself. We thus treat both these appeals as a fit case to delete the impugned sec.271F and sec.271B penalty(ies) for belated filing of return and tax- audit report, respectively, as involving a reasonable cause(s) within the meaning of sec.273B of the Act since the assessee has to be comply the state government’s directions only. Both of these instant appeals succeed in very terms.

To sum up, these assessee’s twin appeals ITA.Nos.391 & 392/Coch/2023 are allowed in above terms. A copy of this common order be placed in the respective case files. Order pronounced in the open court on 25th September, 2024.