No Penalty shall be Levied u/s 271B of Income Tax Act on Account of Delay in Filing Audit Report Due to Proceedings under IBC: ITAT [Read Order]

No Penalty shall be Levied - Penalty - Income Tax Act - Income Tax - Account of Delay in Filing Audit Report Due to Proceedings under IBC - IBC - Taxscan

The Income Tax Appellate Tribunal (ITAT) Delhi bench held that no penalty should be levied under Section 271B of Income Tax Act, 1961 on account of delay in  filing the audit report due to proceedings under Insolvency and Bankruptcy Code (IBC). Assessee , Bhushan Aviation Limited’s return was filed on 29.03.2019 during the course of…

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