Non-Filling of Audit Report Within Due Date is Venial Technical Breach without Any Malafide Intention of Assessee: ITAT Deletes Penalty u/s 271B of Income Tax Act [Read Order]

Non - Filling of Audit Report - Within Due Date is Venial Technical Breach without Any Malafide Intention of Assessee - ITAT Deletes Penalty - of Income Tax Act - TAXSCAN

The Chennai Bench of Income Tax Appellate Tribunal (ITAT) held that non-filing of audit report within the due date is a venial technical breach without any mala fide intention on the part of the assessee and for venial technical breach without any mala fide intention, penalty cannot be levied. Thus, deleted penalty under Section 271B…

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