DECENT JUNCTION SERVICE CO-OP BANK LTD,KOLLAM vs. THE ITO WARD 2(1), KOLLAM

This appeal by assessee is directed against order of NFAC for the assessment year 2017-18 dated 21.2.2023.

The only ground in this appeal is with regard to levy of penalty u/s 271B of the Income Tax Act, 1961 (in short “The Act”). Yet in this case, due date for filing the audit report u/s 44AB of the Act was 30.9.2017, wherein the assessee filed the audit report on 26.3.2018 u/s 44AB of the Act. Thus, there was a delay in filing the audit report. Hence, the penalty at Rs.1,50,000/- levied in this case.

The contention of the ld. A.R. is that due to technical glitch in the ITBA portal, assessee failed to upload the audit report in time, which is a technical breach which cannot be considered to levy penalty u/s 271B of the Act.