PARAYAKAD SERVICE CO-OPERATIVE BANK LTD.,CHERTHALA vs. JT.COMMISSIONER INCOME TAX, RANGE 1, ALAPPUZHA

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ITA 764/COCH/2023Status: DisposedITAT Cochin25 September 2024Bench: Shri Satbeer Singh Godara (Judicial Member), Shri Amarjit Singh (Accountant Member)2 pages

In favour of the assessee: the assessee's appeal was allowed. From the AI summary of this appeal.

AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the delay in filing the tax audit report was due to circumstances beyond the assessee's control, considering it is a co-operative society governed by state government laws. Consequently, the penalty levied under Section 271B was deleted.

What were the facts?

The assessee, a co-operative bank, filed its tax audit report belatedly on March 19, 2018, instead of the due date of October 31, 2017. The Assessing Officer completed the assessment on December 28, 2019.

What were the issues?

Whether the penalty under Section 271B for belated filing of the tax audit report should be deleted when the delay was due to circumstances beyond the assessee's control.

Which sections of the Income-tax Act were involved?

Section 271B,Section 143(3),Section 274B

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, COCHIN BENCH, COCHIN

Before: Shri Satbeer Singh Godara & Shri Amarjit Singh

Hearing: 14.08.2024Pronounced: 25.09.2024

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.

1.

Case file perused. Case called twice. None appears at assessee’s behest. It is accordingly proceeded ex parte.

2.

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.

3.

This assessee’s appeal is allowed in above terms.

Order pronounced in the open court on this 25th day of September, 2024.

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