https://www.taxtmi.com/caselaws?id=71537 The second proviso to section 44AB treats an audit under another law as sufficient compliance, reflecting a legislative intent to avoid duplicate audits where accounts are already subject to statutory scrutiny. In penalty proceedings, any ambiguity is to be construed in favour of the assessee. Where the assessee cooperated, paid the audit fee, and the delay in completing the statutory audit was admitted to be attributable to the auditors, the delay was beyond the assessee's control and constituted reasonable cause. On that basis, penalty under section 271B was not leviable and cancellation was warranted. en-us Mon, 30 Nov 1998 00:00:00 +0530 Mon, 25 Apr 2011 14:59:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71537 The second proviso to section 44AB treats an audit under another law as sufficient compliance, reflecting a legislative intent to avoid duplicate audits where accounts are already subject to statutory scrutiny. In penalty proceedings, any ambiguity is to be construed in favour of the assessee. Where the assessee cooperated, paid the audit fee, and the delay in completing the statutory audit was admitted to be attributable to the auditors, the delay was beyond the assessee's control and constituted reasonable cause. On that basis, penalty under section 271B was not leviable and cancellation was warranted. Case-Laws Income Tax Mon, 30 Nov 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71537