https://www.taxtmi.com/caselaws?id=66575 The Tribunal clarified that Section 271B of the Income-tax Act, 1961 imposes penalties for delays in obtaining audit reports beyond the specified date under Section 44AB, not just for absolute failure. The Tribunal found the assessee had reasonable causes for delays in obtaining audit reports for the relevant years due to auditors' preoccupation and reconciliation issues, leading to the cancellation of penalties under Section 271B. The Revenue's appeals were dismissed. en-us Wed, 03 Apr 1996 00:00:00 +0530 Mon, 23 Dec 2019 16:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66575 The Tribunal clarified that Section 271B of the Income-tax Act, 1961 imposes penalties for delays in obtaining audit reports beyond the specified date under Section 44AB, not just for absolute failure. The Tribunal found the assessee had reasonable causes for delays in obtaining audit reports for the relevant years due to auditors' preoccupation and reconciliation issues, leading to the cancellation of penalties under Section 271B. The Revenue's appeals were dismissed. Case-Laws Income Tax Wed, 03 Apr 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66575