GC Vidyadevi Vs. The Income Tax Officer

Parties Involved

Facts Summary

This is an appeal filed by the assessee against the order passed by the NFAC, Delhi dated 21/02/2023 in DIN No. ITBA/NFAC/S/250/2022-23/1049961207(1) for the assessment year 2015-16. The assessee, GC Vidyadevi, could not file the audit report within the time specified under the Act, leading to a penalty levied by the AO under section 271B of the Act. The penalty was subsequently confirmed by the CIT(A). The assessee appealed against this order, contending that the audit report was filed before the completion of the assessment under section 143(3) of the Act, and hence, the penalty should not have been imposed.…

Legal Issues

• 1. Whether the penalty levied by the AO under section 271B of the Act for non-furnishing of the tax audit report within the stipulated time was rightly confirmed by the CIT(A).

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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