https://www.taxtmi.com/caselaws?id=64481 The appeal against the cancellation of a penalty under section 271-B of the I.T. Act, 1961 by the CIT (Appeals) was dismissed. The penalty of Rs. 43,265 imposed on the assessee by the ITO was cancelled due to delay in filing the audit report along with the return of income. The appellate authority upheld the cancellation of the penalty, noting that the delay was attributable to the counsel and should not penalize the assessee. The audit report was obtained before the specified date, meeting the legal requirements, leading to the dismissal of the appeal. en-us Tue, 19 May 1992 00:00:00 +0530 Tue, 08 Feb 2011 11:18:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64481 The appeal against the cancellation of a penalty under section 271-B of the I.T. Act, 1961 by the CIT (Appeals) was dismissed. The penalty of Rs. 43,265 imposed on the assessee by the ITO was cancelled due to delay in filing the audit report along with the return of income. The appellate authority upheld the cancellation of the penalty, noting that the delay was attributable to the counsel and should not penalize the assessee. The audit report was obtained before the specified date, meeting the legal requirements, leading to the dismissal of the appeal. Case-Laws Income Tax Tue, 19 May 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64481