https://www.taxtmi.com/caselaws?id=66340 The Appellate Tribunal upheld the CIT(A)'s decision to cancel the penalty imposed under section 271B of the IT Act for failure to obtain a tax audit report as required by section 44AB. The delay in furnishing the audit report was deemed unintentional and unavoidable due to the assessee's unfamiliarity with the audit procedure in the first year of operation of section 44AB. Considering the circumstances, uncertainties, and minimal taxable income, the Tribunal found a reasonable cause for the delay and dismissed the Revenue's appeal, ruling the penalty unjustified. en-us Tue, 31 Dec 1991 00:00:00 +0530 Wed, 23 Feb 2011 16:43:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66340 The Appellate Tribunal upheld the CIT(A)'s decision to cancel the penalty imposed under section 271B of the IT Act for failure to obtain a tax audit report as required by section 44AB. The delay in furnishing the audit report was deemed unintentional and unavoidable due to the assessee's unfamiliarity with the audit procedure in the first year of operation of section 44AB. Considering the circumstances, uncertainties, and minimal taxable income, the Tribunal found a reasonable cause for the delay and dismissed the Revenue's appeal, ruling the penalty unjustified. Case-Laws Income Tax Tue, 31 Dec 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66340