https://www.taxtmi.com/caselaws?id=71700 The tribunal upheld the CIT(A)'s decision to cancel the penalty under section 271B amounting to Rs. 81,656. It found the delay in obtaining the audit report to be reasonable due to various mitigating circumstances presented by the assessee, such as a fire incident, health issues, and business difficulties. Emphasizing that penalty proceedings should have been initiated during assessment proceedings, not prematurely, the tribunal dismissed the appeal and concluded that the penalty levied by the Assessing Officer could not be sustained. en-us Wed, 12 Jan 2000 00:00:00 +0530 Tue, 26 Apr 2011 16:48:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71700 The tribunal upheld the CIT(A)'s decision to cancel the penalty under section 271B amounting to Rs. 81,656. It found the delay in obtaining the audit report to be reasonable due to various mitigating circumstances presented by the assessee, such as a fire incident, health issues, and business difficulties. Emphasizing that penalty proceedings should have been initiated during assessment proceedings, not prematurely, the tribunal dismissed the appeal and concluded that the penalty levied by the Assessing Officer could not be sustained. Case-Laws Income Tax Wed, 12 Jan 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71700