https://www.taxtmi.com/caselaws?id=69532 The Tribunal held that the assessee had valid reasons for the delay in audit due to a partner's illness and first-year audit challenges. As the firm had informed the tax authorities and sought an extension, the penalty under Section 271B was deemed inapplicable. The Tribunal emphasized the need to interpret "reasonable cause" liberally to serve justice, ultimately canceling the penalty and allowing the appeal. en-us Tue, 07 Feb 1989 00:00:00 +0530 Thu, 07 Apr 2011 14:53:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69532 The Tribunal held that the assessee had valid reasons for the delay in audit due to a partner's illness and first-year audit challenges. As the firm had informed the tax authorities and sought an extension, the penalty under Section 271B was deemed inapplicable. The Tribunal emphasized the need to interpret "reasonable cause" liberally to serve justice, ultimately canceling the penalty and allowing the appeal. Case-Laws Income Tax Tue, 07 Feb 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69532