Sharadchandra Dattatray Mulik vs. ITO, Ward-1(3), Kolhapur

Parties Involved

Facts Summary

The assessee, Sharadchandra Dattatray Mulik, is an individual engaged in the business of dealership of Ultra Tech Cement and also in supply of cement on wholesale & retail basis. The Assessing Officer issued a notice u/s 142(1) of the IT Act dated 12-03-2018 calling for the assessee to file the return of income for the A.Y.2017-18. The assessee e-filed his return of income along with Tax Audit Report u/s 44AB of the IT Act on 27-06-2019. Since the return of income filed was beyond the time allowed u/s 142(1) therefore, the same was treated as non-est return of income by the Assessing Officer and the assessment was completed u/s 144(1)(b) r.w.s. 142(1) of the IT Act vide order dated 15.10.2019. Penalty proceedings u/s 271B of the Act were initiated for failing to furnish/submit the Audit Report as per provisions of section 44AB of the IT Act on or before the due date as prescribed u/s 139(1) of the IT Act. The assessee appealed against the penalty imposed by the Assessing Officer.…

Legal Issues

• 1. Imposition of penalty u/s 271B of the IT Act for failure of the assessee to get accounts audited in respect of the previous year relevant to the assessment year under consideration as required u/s 44AB of the IT Act.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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