https://www.taxtmi.com/caselaws?id=70996 The Tribunal upheld the penalty of Rs. 84,763 imposed under section 271B of the Income Tax Act, 1961, on the assessee-company for failure to furnish an audit report as required by section 44AB. The Tribunal found that the delay in appointing a statutory auditor under the Companies Act did not constitute a reasonable cause for non-compliance with the audit requirements under section 44AB. The decision emphasized the importance of timely audit compliance and the necessity of providing evidence of efforts to fulfill audit obligations to avoid penalties. en-us Wed, 24 Jan 1996 00:00:00 +0530 Wed, 20 Apr 2011 16:32:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70996 The Tribunal upheld the penalty of Rs. 84,763 imposed under section 271B of the Income Tax Act, 1961, on the assessee-company for failure to furnish an audit report as required by section 44AB. The Tribunal found that the delay in appointing a statutory auditor under the Companies Act did not constitute a reasonable cause for non-compliance with the audit requirements under section 44AB. The decision emphasized the importance of timely audit compliance and the necessity of providing evidence of efforts to fulfill audit obligations to avoid penalties. Case-Laws Income Tax Wed, 24 Jan 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70996