No Penalty shall be Levied u/s 271b of Income Tax Act ,if Assessee Proves Reasonable Cause for Failure to Furnish Audit Record :ITAT [Read Order]

By Aparna. M - On June 18, 2023 8:15 pm - 2 mins read

Penalty - Penalty shall be Levied - Income Tax Act - Reasonable Cause - Failure to Furnish Audit Record - Audit Record - ITAT - Taxscan

The Kolkata bench of Income Tax Appellate Tribunal (ITAT) has held that no penalty should be levied under section 271B of Income Tax Act, 1961, if the assessee proved the reasonable cause for failure to furnish audit report on loss suffered from share trading. The assesseeKartick Das Bairagya is in the business of retail dealings…

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