https://www.taxtmi.com/caselaws?id=61570 The Tribunal allowed the appeals for the assessment years 1991-92 to 1994-95, condoning the delay in filing appeals due to a genuine misunderstanding. The penalty imposed under Section 271B for failure to obtain and furnish audit reports on time was canceled, as the delay was attributed to the late appointment of auditors by the Central Government, which constituted a reasonable cause. The Tribunal emphasized that the assessee, a Government corporation, had no control over the auditor appointment process, ultimately leading to the cancellation of the penalty. en-us Thu, 31 Oct 2002 00:00:00 +0530 Thu, 13 Jan 2011 13:09:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61570 The Tribunal allowed the appeals for the assessment years 1991-92 to 1994-95, condoning the delay in filing appeals due to a genuine misunderstanding. The penalty imposed under Section 271B for failure to obtain and furnish audit reports on time was canceled, as the delay was attributed to the late appointment of auditors by the Central Government, which constituted a reasonable cause. The Tribunal emphasized that the assessee, a Government corporation, had no control over the auditor appointment process, ultimately leading to the cancellation of the penalty. Case-Laws Income Tax Thu, 31 Oct 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61570