CALCUTTA UROLOGY RESEARCH CENTRE PVT LTD,KOLKATA vs. A.C.I.T CC - VII,KOLKATA, KOLKATA

ITA 518/KOL/2013Status: DisposedITAT Kolkata18 March 2016AY 2004-056 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the assessee had a bonafide belief in its chartered accountant and had reasonable cause for the non-compliance. Therefore, the penalty levied under Section 271B was not sustainable.

What were the facts?

The assessee, a nursing home, failed to file income tax returns for several years. A search revealed undisclosed income, and the assessee admitted to suppressed receipts. The assessee claimed ignorance and blamed their chartered accountant for the non-filing and for not signing the tax audit report.

What were the issues?

Whether penalty under Section 271B is leviable when the assessee demonstrates reasonable cause due to the bonafide mistake of their chartered accountant.

Which sections of the Income-tax Act were involved?

Section 271B,Section 139(1),Section 132,Section 153A,Section 144,Section 273B

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Cases cited in this judgment(2)Show list

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Income Tax Appellate Tribunal, “A” BENCH, KOLKATA

Before: Shri Mahavir Singh, & Shri M. Balaganesh

SHRI M.BALAGANESH, AM :

These appeals of the assessee arise out of the common order of the Learned CIT(A), Central-1, Kolkata in Appeal Nos. 384-388/CC-VII/CIT(A)C-I/12-13 dated 28.2.2013 against the order for the Asst Years 2004-05 to 2008-09 by the Learned AO levying penalty u/s 271B of the Income Tax Act, 1961 (hereinafter referred to as the ‘Act’).

2.

The only issue to be decided in all these appeals is as to whether penalty u/s 271B of the Act could be levied in the facts and circumstances of the case. As the issue involved in all these appeals are identical, the same are taken up together and disposed off by this cons

The order continues below.

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