No Penalty u/s 271B of Income Tax Act when there is Reasonable Cause for not getting Audited u/s 44AB: ITAT [Read Order]

By Aparna. M - On May 11, 2023 4:00 pm - 2 mins read
Penalty - Income Tax Act - Reasonable Cause for not getting Audited - 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 when there is reasonable cause for not getting audited under Section 44AB of the Income Tax Act, 1961. Section 271B of the Income Tax Act states that…

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