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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 assessment year 2017-2018 arises against the CIT(A)/NFAC’s DIN & Order No.ITBA/NFAC/S/250/2023-24/1055610454(1) dated 31.08.2023, in proceedings u/s.274B of the Income- tax Act, 1961; in short “the Act” hereinafter.
Case file perused. Case called twice. None appears at assessee’s behest. It is accordingly proceeded ex parte.
Learned DR vehemently argues during the hearing that both the lower authorities have rightly levied the impugned sec.271B penalty on account of the assessee having belatedly filed its tax audit report on 19.03.2018 whereas the “due” date . Parayakad SCB Limited. thereof was on 31.10.2017. A perusal of the case file indicates that the Learned Assessing Officer infact had completed his sec.143(3) assessment on 28.12.2019. That being the case and in light of the fact that the assessee is a co-operative society governed by various procedural approvals as per the state government law, we are of the considered view that the foregoing delay in filing its tax audit report is on account of circumstances beyond its control. We accordingly delete the impugned sec.271B penalty in very terms. Ordered accordingly.
This assessee’s appeal is allowed in above terms.
Order pronounced in the open court on this 25th day of September, 2024.