Section 271B of the Income Tax Act provides penalty in case a tax payer required to get his accounts auidted u/s44AB does not comply with section 44AB or fails to furnish the audit report within in due date ( generally 30th September ) . However , section 273B of the I.T.Act states that no penalty shall be imposable on the person or the assessee, as the case may be, for any failure referred to in the said provisions if he proves that there was reasonable cause for the said failure. Therefore , this post is providing you a list of 12 such reasonable causes , accepted by the Courts and Tribunals for non-imposition of penalty u/s 271B .
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