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Assessee has raised the ground that the CIT(A) has erred both on facts and in law in imposing penalty of Rs. 100,000/- invoking the provisions of section 271B of the Act on account of not getting the books of accounts audited despite the fact books of account were duly audited prior to the due date of furnishing of return of income.

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Sec. 271B of Income Tax Act, 1961— Penalty — As the AO has failed in his duty in verifying whether books of account were audited before the specified date and only emphasized on the fact of furnishing the audit before the specified date, there is no reason for confirming the penalty levied u/s 271B -[2020] 28 ITCD Online 047 (ITAT-DELHI)