https://www.taxtmi.com/caselaws?id=62497 The Tribunal allowed the appeals, holding that the penalties levied under section 271B were invalid due to improper initiation of penalty proceedings and the reasonable cause for the delay in obtaining audit reports. The Tribunal emphasized that penalty proceedings must be initiated during assessment proceedings and that amended provisions of section 275 could not be applied retrospectively. Consequently, penalties for the assessment years 1986-87 to 1988-89 were cancelled. en-us Fri, 16 Feb 1996 00:00:00 +0530 Thu, 20 Jan 2011 10:53:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62497 The Tribunal allowed the appeals, holding that the penalties levied under section 271B were invalid due to improper initiation of penalty proceedings and the reasonable cause for the delay in obtaining audit reports. The Tribunal emphasized that penalty proceedings must be initiated during assessment proceedings and that amended provisions of section 275 could not be applied retrospectively. Consequently, penalties for the assessment years 1986-87 to 1988-89 were cancelled. Case-Laws Income Tax Fri, 16 Feb 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62497