Penalty u/s. 271B - Audit Report obtained before Due date but ROI filed late

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From: CA. Rahul Bajaj <ca.rahulbajaj@gmail.com>

Assessee obtaining tax audit report by due date but return filed after due date - Whether penalty under section 271B leviable

Penalty under section 271B for non-filing of tax audit report cannot be levied in view of CBDT Circular No. 9/2006 dt.10-10-2006 which provided that in case electronic filing of return tax audit report need not be filed alongwith return. Penalty under section 271B can also not be levied in view of fact that the assessee obtained tax audit report by due date prescribed under the Act though filed return of income belatedly. - Vide B.D. Leasing & Finance Ltd. v. The ACIT (2013) 49 (II) ITCL 148 (Mum 'B'-Trib)