https://www.taxtmi.com/caselaws?id=66784 The Tribunal upheld the CIT(A)'s decision, canceling the penalty imposed by the ITO under Section 271B of the Income Tax Act. It was found that the assessee had fulfilled audit requirements under the Companies Act, and there was no obligation to submit further reports in prescribed forms for the relevant assessment year. The Tribunal accepted the assessee's genuine belief and reasonable cause for non-compliance, ruling the penalty unjustified. The Revenue's appeal was dismissed, and the assessee's cross-objection became moot. en-us Fri, 23 Oct 1992 00:00:00 +0530 Mon, 07 Mar 2011 12:28:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66784 The Tribunal upheld the CIT(A)'s decision, canceling the penalty imposed by the ITO under Section 271B of the Income Tax Act. It was found that the assessee had fulfilled audit requirements under the Companies Act, and there was no obligation to submit further reports in prescribed forms for the relevant assessment year. The Tribunal accepted the assessee's genuine belief and reasonable cause for non-compliance, ruling the penalty unjustified. The Revenue's appeal was dismissed, and the assessee's cross-objection became moot. Case-Laws Income Tax Fri, 23 Oct 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66784