Belated Filing of Tax Audit as Accountant Expired and New Accountant not Well Versed with Accounting is a Reasonable Cause: ITAT Deletes Penalty u/s 271B of Income Tax Act [Read Order]

Filing - Tax Audit - Belated Filing of Tax Audit as Accountant Expired - Accountant - New Accountant - ITAT - taxscan

The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has deleted the penalty under Section 271B of the Income Tax Act holding that the belated filing of tax audit as accountant had expired and new accountant was not well versed with the accounting was a reasonable cause. For the year under consideration, the assessee, Revanta…

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