https://www.taxtmi.com/caselaws?id=66547 The Tribunal upheld the CIT (Appeals) order, ruling that the penalty under Section 271B of the Income-tax Act, 1961, was unwarranted as the assessee had met the audit requirements under the Companies Act, 1956, for the assessment year 1985-86. The failure to obtain a further report in prescribed forms was deemed a minor default not justifying the penalty. The Tribunal emphasized strict interpretation of penalties and favored the assessee due to statutory ambiguity, dismissing the Revenue's appeal and deeming the assessee's cross-objection unnecessary. en-us Fri, 23 Oct 1992 00:00:00 +0530 Mon, 28 Feb 2011 11:21:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66547 The Tribunal upheld the CIT (Appeals) order, ruling that the penalty under Section 271B of the Income-tax Act, 1961, was unwarranted as the assessee had met the audit requirements under the Companies Act, 1956, for the assessment year 1985-86. The failure to obtain a further report in prescribed forms was deemed a minor default not justifying the penalty. The Tribunal emphasized strict interpretation of penalties and favored the assessee due to statutory ambiguity, dismissing the Revenue's appeal and deeming the assessee's cross-objection unnecessary. Case-Laws Income Tax Fri, 23 Oct 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66547