Mr. A received notice U/s. 143(2) for limited scrutiny of Securities and Derivative Transactions for A.Y. 2015-16. Mr. A had been failed to get his account audite U/s. 44AB but filed return on 29.03.2016. All documents along with reason for delay in return filing and reason for failure to get account audited, has been submitted.
Assessment of which was carried out and assessment order was passed by ITO. The order has been passed with note, that the books had not been audited U/s 44AB hence proceeding U/s 271B is to be carried out separately.
My concern are
1) once the reason for failure to get account audited is already submitted do we need to submit again the same?
2) Is ITO have power to waive off penalties U/s . 271B or not?
3) Are there any cases, where due to bonafied reasons, penalties are waive off by ITO or by Tribunal, which can be helpful in case of Mr. A?
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