Delay in filing Audit Report due to Statutory Auditors: ITAT deletes Penalty [Read Order]

Audit Report - Statutory Auditors - ITAT - Penalty - taxscan

The Income Tax Appellate Tribunal (ITAT), Cuttak bench has held that the penalty under section 271B of the Income Tax Act, 1961 cannot be levied for delay in filing of audit report due to statutory auditors. The assessee, Kendrapara Credit Co-operative Society Ltd, has contended that the audit report of the assessee was not submitted…

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