Completion of Audit and Furnishing of Tax Audit Report before Conclusion of Assessment Proceedings: ITAT Deletes Penalty u/s 271B [Read Order]

Completion of Audit - Audit - Furnishing of Tax Audit Report - Tax Audit Report - Assessment Proceedings - ITAT - Penalty - Taxscan

The Delhi Bench of Income Tax Appellate Tribunal ( ITAT )has deleted the penalty under Section 271B of the Income Tax Act 1961 as the completion of the audit and furnishing of the tax audit report was before the conclusion of assessment proceedings.  The Assessee Sanjiv Dutta filed a return which was subsequently revised admitting…

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