Kunnathunad Service Co-op. Bank Ltd. vs. The Income Tax Officer

Parties Involved

Facts Summary

The assessee, Kunnathunad Service Co-op. Bank Ltd., has filed twin appeals against the orders of the National Faceless Appeal Centre, Delhi, which levied penalties under sections 271B and 271F of the Income Tax Act, 1961 for delay in submission of tax audit report and belated filing of return. The assessee submitted its tax audit report on 31st October, 2017, and filed its return on 31.03.2018. The assessee argued that the delay was not considerable and involved a reasonable cause. The bench found that the assessee's delay did not involve any considerable time and treated the appeals as fit cases to delete the impugned penalties.…

Legal Issues

• 1. Whether the delay in filing the tax audit report and return involved a reasonable cause?

Judgment Outcome

Decided in favour of Assessee.

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