Parayakad Service Co-operative Bank Limited v. The Joint Commissioner of Income-tax, Range-1 Alappuzha

Parties Involved

Facts Summary

The case ITA No.764/Coch/2023 for assessment year 2017-2018 was filed by Parayakad Service Co-operative Bank Limited against the Joint Commissioner of Income-tax, Range-1 Alappuzha. The assessee had belatedly filed its tax audit report on 19.03.2018, whereas the due date was on 31.10.2017. The learned DR argued that the lower authorities had rightly levied a penalty under section 271B of the Income-tax Act, 1961. However, the bench considered the delay in filing the tax audit report to be due to circumstances beyond the assessee's control, as the assessee is a co-operative society governed by various procedural approvals as per the state government law.…

Legal Issues

• 1. Whether the penalty levied under section 271B of the Income-tax Act, 1961 is justified?

Judgment Outcome

Decided in favour of Assessee.

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