No Penalty shall be Levied u/S 271B if there is Reasonable Cause for Not Getting the Account Audited: ITAT [Read Order]

Penalty - Reasonable Cause - Account - ITAT - Taxscan

The Hyderabad bench of the Income Tax Appellate Tribunal (ITAT) has recently held that no penalty should be levied under Section 271B of the Income Tax Act, 1961 if there is reasonable cause for not getting the accounts audited. Section 271B of the Income Tax Act, 1961 provides that when a person failed to audit…

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