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Kanye West is ever the frustrating perfectionist, 'cause he delayed his album once more -- looking all too happy to do it -- and we know exactly why.

Ye and his entourage were leaving the United Palace Theatre Sunday in NYC, where they were surrounded by paps and fans ... who cheered with joy as the crew all dispersed into waiting SUVs. However, this must've been before the clock struck midnight.

Of course, Kanye did NOT drop his album this weekend as promised, despite a hard date of September 27 first announced by Kim K, and then a pushback of 2 days.

Kim told fans on Friday that Ye's new record, "Jesus is King," would actually arrive Sunday ... but, the weekend came and went -- and we're here twiddling our thumbs again. It's for a good cause though ... because we're told Kanye is still working on it.

Sources with direct knowledge tell TMZ ... the album is complete, but Ye keeps tweaking it. Every time he listens, there's something he wants to change. We're now told there's no release date anymore ... it's truly TBD.

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Still, Mr. West was all smiles on his way out Sunday night -- which is probably all that matters at the end of the day. He's in a good headspace, so you gotta like that.