ITAT Deletes Penalty of Rs. 1.5 Lakh u/s 271B for Delayed Tax Audit Due to Managing Partner’s Demise [Read Order]
The assessee contended that the delay in submitting the tax audit report was caused by the death of its 84-year-old managing partner, which disrupted its operations.
The Cochin bench of the Income Tax Appellate Tribunal (ITAT) deleted the penalty of Rs. 1.5 lakhs imposed under Section 271B for delayed tax audit due to the demise of the managing partner. Coming to the facts of the case, the assessee firm did not file its income tax return for assessment year (AY )…
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