Late Action by New Auditor is reasonable cause for Non-Imposition of Penalty u/s 271B: ITAT [Read Order]

auditor - penalty - ITAT - taxscan

The Income Tax Appellate Tribunal ( ITAT ) has held that, Late action by new auditor is reasonable cause for non-imposition of penalty under Section 271B of the Income Tax Act. The assessee, M/s. R.R. Kapoor furnished his return declaring total income of Rs.8,56,050/-. Such return was accompanied by the tax audit report. The Assessing…

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