https://www.taxtmi.com/caselaws?id=68310 The Tribunal dismissed the revenue's appeal challenging the cancellation of a penalty under section 271B for not obtaining an audit report within the specified time. It was concluded that prior to the amendment effective from 1-7-1995, the penalty for non-furnishing of the audit report under section 44AB was not applicable. The assessee had obtained the audit report by the specified date, and there was no evidence to the contrary. Therefore, the CIT(A)'s decision to cancel the penalty was upheld. en-us Thu, 29 Jun 2000 00:00:00 +0530 Sat, 03 Sep 2011 18:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68310 The Tribunal dismissed the revenue's appeal challenging the cancellation of a penalty under section 271B for not obtaining an audit report within the specified time. It was concluded that prior to the amendment effective from 1-7-1995, the penalty for non-furnishing of the audit report under section 44AB was not applicable. The assessee had obtained the audit report by the specified date, and there was no evidence to the contrary. Therefore, the CIT(A)'s decision to cancel the penalty was upheld. Case-Laws Income Tax Thu, 29 Jun 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68310