https://www.taxtmi.com/caselaws?id=68152 The Tribunal canceled the penalty of Rs. 64,694 imposed under section 271B of the IT Act, 1961 on the assessee for failing to get accounts audited within the specified date. It found that the delay was due to reasonable causes, specifically the accountant's negligence and subsequent impact on finalizing the accounts, and not deliberate default. The Tribunal concluded that the delay was technical in nature and not indicative of fraudulent or contumacious conduct, leading to the penalty being deemed unjustified in the circumstances. The appeal was allowed in favor of the assessee. en-us Thu, 16 Feb 1995 00:00:00 +0530 Thu, 17 Mar 2011 13:06:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68152 The Tribunal canceled the penalty of Rs. 64,694 imposed under section 271B of the IT Act, 1961 on the assessee for failing to get accounts audited within the specified date. It found that the delay was due to reasonable causes, specifically the accountant's negligence and subsequent impact on finalizing the accounts, and not deliberate default. The Tribunal concluded that the delay was technical in nature and not indicative of fraudulent or contumacious conduct, leading to the penalty being deemed unjustified in the circumstances. The appeal was allowed in favor of the assessee. Case-Laws Income Tax Thu, 16 Feb 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68152