https://www.taxtmi.com/caselaws?id=68529 The Tribunal held that the penalty under Section 271B of the IT Act for not obtaining the audit report within the stipulated time was not sustainable. The Tribunal considered the circumstances, including the loss of records in transit and the auditor's confirmation of the audit. It was noted that the penalty was initiated for not filing the audit report along with the return but was ultimately levied for not obtaining the report within due time. The Tribunal found the default excusable, emphasizing that penalties based on technicalities could not be upheld. The appeal by the assessee was accepted, and the penalty was deleted. en-us Thu, 18 Mar 2004 00:00:00 +0530 Thu, 28 Jun 2012 12:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68529 The Tribunal held that the penalty under Section 271B of the IT Act for not obtaining the audit report within the stipulated time was not sustainable. The Tribunal considered the circumstances, including the loss of records in transit and the auditor's confirmation of the audit. It was noted that the penalty was initiated for not filing the audit report along with the return but was ultimately levied for not obtaining the report within due time. The Tribunal found the default excusable, emphasizing that penalties based on technicalities could not be upheld. The appeal by the assessee was accepted, and the penalty was deleted. Case-Laws Income Tax Thu, 18 Mar 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68529