https://www.taxtmi.com/caselaws?id=66358 The Tribunal set aside the CIT(A)'s order and canceled the penalties imposed under section 271B of the IT Act for the assessment years 1986-87, 1988-89, and 1989-90. The Tribunal found the delay in obtaining the tax audit report was justified due to circumstances beyond the assessee's control, such as delays in finalizing the accounts for the preceding year. It concluded that the delay was technical and venial, not warranting penalties. As a result, the appeals were allowed in favor of the assessee. en-us Thu, 26 Dec 1996 00:00:00 +0530 Wed, 23 Feb 2011 17:22:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66358 The Tribunal set aside the CIT(A)'s order and canceled the penalties imposed under section 271B of the IT Act for the assessment years 1986-87, 1988-89, and 1989-90. The Tribunal found the delay in obtaining the tax audit report was justified due to circumstances beyond the assessee's control, such as delays in finalizing the accounts for the preceding year. It concluded that the delay was technical and venial, not warranting penalties. As a result, the appeals were allowed in favor of the assessee. Case-Laws Income Tax Thu, 26 Dec 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66358