https://www.taxtmi.com/caselaws?id=71427 The Tribunal ruled in favor of the assessee, finding a reasonable cause for the default in getting the accounts audited under Section 44AB for the assessment year 1985-86. Considering practical difficulties and the novelty of the provisions, the Tribunal canceled the penalty imposed by the ITO, overturning the decision of the CIT(A). Previous judgments and CBDT circulars emphasizing relief for non-compliance were cited, leading to the allowance of the appeal in favor of the assessee. en-us Tue, 31 Jul 1990 00:00:00 +0530 Sat, 23 Apr 2011 13:35:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71427 The Tribunal ruled in favor of the assessee, finding a reasonable cause for the default in getting the accounts audited under Section 44AB for the assessment year 1985-86. Considering practical difficulties and the novelty of the provisions, the Tribunal canceled the penalty imposed by the ITO, overturning the decision of the CIT(A). Previous judgments and CBDT circulars emphasizing relief for non-compliance were cited, leading to the allowance of the appeal in favor of the assessee. Case-Laws Income Tax Tue, 31 Jul 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71427