Penalty U/s 271B - A.Y. 2017-2018

This query is : Resolved

Vidyadhar S. Patil (Querist)
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18 December 2019 One of my assessee has filed Income Tax Return for A.Y. 2017-2018 after obtaining Tax Audit Report. But Audit Report not updated on Income Tax Portal. Now assessing authority is insisting on Penalty U/s271B for non-submission of Audit Report. Kindly give me suggestions to avoid Penalty U/s 271B and also give me recent case laws in favour of assessee in this regard.

Asha Kanta Sharma

Asha Kanta Sharma (Expert)
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26 May 2020 https://taxguru.in/income-tax/section-271b-penalty-failure-accounts-audited.html
https://thetaxtalk.com/2020/01/09/ao-to-delete-the-penalty-levied-u-s-271b-of-the-act-for-not-furnishing-the-tax-audit-report-as-required-u-s-44ab-of-the-act-due-to-technical-reasons/
https://taxguru.in/income-tax/penalty-u-s-271b-cannot-be-levied-if-books-of-account-were-maintained-by-the-assessee.html