https://www.taxtmi.com/caselaws?id=67136 Penalty under section 271B was held not sustainable where the assessee obtained the audit report after the stipulated time but demonstrated reasonable cause for the delay in obtaining it under section 44AB. The extended prescribed date for the first year of operation showed that the time-limit was not treated as immutable, and the audit requirement served tax administration purposes while depending on a prescribed accountant, limiting the assessee's control over timing. On these facts, the appellate finding of sufficient cause was accepted and the delay was not regarded as an undue default warranting penalty. en-us Tue, 16 Mar 1993 00:00:00 +0530 Wed, 09 Mar 2011 12:21:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67136 Penalty under section 271B was held not sustainable where the assessee obtained the audit report after the stipulated time but demonstrated reasonable cause for the delay in obtaining it under section 44AB. The extended prescribed date for the first year of operation showed that the time-limit was not treated as immutable, and the audit requirement served tax administration purposes while depending on a prescribed accountant, limiting the assessee's control over timing. On these facts, the appellate finding of sufficient cause was accepted and the delay was not regarded as an undue default warranting penalty. Case-Laws Income Tax Tue, 16 Mar 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67136