M/s. Palliyakkal Service Co-op Bank Ltd. vs. The Income Tax Officer

Parties Involved

Facts Summary

The assessee, M/s. Palliyakkal Service Co-op Bank Ltd., filed twin appeals against the order of the Commissioner of Income Tax (Appeals) - National Faceless Appeal Centre, Delhi, dated 27.03.2023, under sections 272A(1)(d) and 271B of the Income Tax Act, 1961. The first appeal (ITA.No.412/COCH./2023) concerned a penalty levied for non-compliance with section 142(1) notice dated 06.09.2019. The second appeal (ITA.No.413/COCH./2023) was regarding a penalty for not filing the tax audit report within the due date. The assessee had filed its audit report and supportive documents before the show cause notice, leading to a regular assessment under section 143(3). The assessee also filed its tax audit report on 12.12.2018, and the Assessing Officer framed the section 143(3) assessment on 19.02.2019.…

Legal Issues

• 1. Penalty for non-compliance with section 142(1) notice
• 2. Penalty for not filing tax audit report within due date

Judgment Outcome

Decided in favour of Assessee.

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