https://www.taxtmi.com/caselaws?id=66486 The Tribunal ruled in favor of the assessee, canceling the penalty imposed under section 271B of the Income-tax Act, 1961. The Tribunal found that there was a reasonable cause for the delay in obtaining the audit report under section 44AB due to the resignation of the previous auditor and subsequent appointment of a new auditor. Emphasizing the necessity of a completed audit before filing returns to avoid penalty imposition, the Tribunal absolved the assessee from the penalty, citing precedents and established principles. Consequently, the appeal was allowed, overturning the penalty imposed under section 271B. en-us Thu, 06 Nov 1986 00:00:00 +0530 Fri, 25 Feb 2011 13:13:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66486 The Tribunal ruled in favor of the assessee, canceling the penalty imposed under section 271B of the Income-tax Act, 1961. The Tribunal found that there was a reasonable cause for the delay in obtaining the audit report under section 44AB due to the resignation of the previous auditor and subsequent appointment of a new auditor. Emphasizing the necessity of a completed audit before filing returns to avoid penalty imposition, the Tribunal absolved the assessee from the penalty, citing precedents and established principles. Consequently, the appeal was allowed, overturning the penalty imposed under section 271B. Case-Laws Income Tax Thu, 06 Nov 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66486