https://www.taxtmi.com/caselaws?id=68745 The Tribunal upheld the Department's appeal, reversing the CIT(A)'s decision to cancel the penalty imposed under s. 271B of the IT Act, 1961, on a Government Corporation for failing to audit its accounts timely. The Tribunal found the assessee's delay in auditor appointment was not beyond its control, demonstrating gross negligence. Additionally, the penalty order exceeded the time limit prescribed by s. 275 of the IT Act, leading to its cancellation. en-us Wed, 14 Mar 2001 00:00:00 +0530 Fri, 01 Apr 2011 12:21:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68745 The Tribunal upheld the Department's appeal, reversing the CIT(A)'s decision to cancel the penalty imposed under s. 271B of the IT Act, 1961, on a Government Corporation for failing to audit its accounts timely. The Tribunal found the assessee's delay in auditor appointment was not beyond its control, demonstrating gross negligence. Additionally, the penalty order exceeded the time limit prescribed by s. 275 of the IT Act, leading to its cancellation. Case-Laws Income Tax Wed, 14 Mar 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68745