Jimmy George vs. The Income Tax Officer

Parties Involved

Facts Summary

The assessee, Jimmy George, filed his Income Tax return along with the audit report belatedly on 29/03/2016 for the assessment year 2015-16. The Assessing Officer levied a penalty under section 271B of the Act for the delay in filing the audit report. The Commissioner of Income Tax (Appeals) confirmed the penalty. The assessee appealed against this order, arguing that the audit report was furnished before the completion of the assessment, which was on 30/06/2017. The assessee cited a previous order of the Cochin Tribunal in the case of Shri T.T Kuruvilla (ITA No. 504/Coch/2018) to support his contention that no penalty should be imposed if the audit report is furnished before the completion of the assessment.…

Legal Issues

• 1. Whether the penalty levied by the Assessing Officer under section 271B of the Act for non-furnishing of the tax audit report within the due date was rightly confirmed by the Commissioner of Income Tax (Appeals).

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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