Section 271B Penalty not Applicable when Reasonable Cause for Failure to Comply with Provision is Explained: ITAT [Read Order]

Section 271B Penalty not Applicable - Reasonable Cause - Failure to Comply - Provision is Explained - ITAT - TAXSCAN

The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has held that the penalty under Section 271B of the Income Tax Act 1961 would not be applicable when reasonable cause for failure to comply with provisions has been explained. The assessee, Rasik Nemchand Pethad was an individual engaged in the business of retail and wholesale…

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