Penalty u/s 271b

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

13 February 2018 RESPECTED SIR,
A PRACTICING FIRM OF CHARTERED ACCOUNTANTS WHOSE TURNOVER IS RS.18.00 LACS COVERED U/S 44ADA GOT THEIR ACCOUNTS AUDITED BY A CHARTERED ACCOUNTANT BEFORE THE DUE DATE AND HAS OBTAINED THE AUDIT REPORT U/S 44AB(d) FOR THE A.Y 2017-18

BUT IN THE PRESSURE OF FILING OF I.T.R OF THEIR OWN CLIENTS U/S 44AB OF THE INCOME TAX ACT , THE FIRM ITSELF FORGOT TO FILE THE ITR AND TO FURNISH THE AUDIT REPORT ONLINE FOR THE A.Y.2017-18 BEFORE THE DUE DATE i.e 30.09.2017.

THE FIRM FURNISHED THE SAID REPORT AND FILED THE ITR IN THE MONTH OF FEBRUARY 2018

SIR, WHAT WILL BE THE LEGAL CONSEQUENCES?

PLEASE GUIDE ME

WITH REGARDS

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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14 February 2018 Penalty u/s 271B can be initiated. If initiated, seek remedy u/s 273B. But, I doubt
para 2 is insufficient to prove 'reasonable cause'. for the delay.