Penalty u/s 271B not Leviable when Audit Completed within Reasonable Time of Appointment of Auditors by Regulatory Authority: ITAT Directs Re-Adjudication

Penalty - Audit - ITAT - ITAT Directs Re-Adjudication - Re-Adjudication - taxscan

The Raipur Bench of Income tax Appellate Tribunal (ITAT) has directed re-adjudication as penalty under Section 271B of the Income Tax Act,1961 would not be leviable when audit has been completed within a reasonable time by the appointment of auditors by the regulatory authority. The assessee, Gramin Sewa Sahakari Samiti was a Primary Agricultural Co-operative…

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