M/s Nirvana Nest Buildcon Pvt. Ltd. Vs The Deputy Commissioner of Income Tax, Central Circle-14

Parties Involved

Facts Summary

This appeal is filed by M/s Nirvana Nest Buildcon Pvt. Ltd. against the order dated 16.06.2025 of the Learned Commissioner of Income Tax (Appeals)-26, New Delhi, arising out of an assessment order dated 22.01.2025 passed under section 271B of the Income Tax Act, 1961 for Assessment Year 2018-19. The assessee had an admitted turnover of Rs.12,65,46,752/- and was liable to get accounts audited and file the corresponding report. The Assessing Officer (AO) imposed a penalty of Rs.1,50,000/- on the assessee for non-filing of the audit report. The Learned Commissioner of Income Tax (Appeals) confirmed the penalty order due to the assessee's failure to file any submissions before him. The assessee's counsel argued that the audit report was filed on 31.03.2019 before the passing of the assessment order, and evidence was provided to support this claim.…

Legal Issues

• 1. Imposition of penalty under section 271B of the Income Tax Act, 1961 amounting to Rs.1,50,000/- on account of non-filing of the audit report.

Judgment Outcome

Decided in favour of Assessee.

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