https://www.taxtmi.com/caselaws?id=76905 The Court quashed the orders passed by the Commissioner of Income Tax, Kolhapur, dated 28 September 1995 and 25 March 1996. The petitioner successfully challenged the imposition of penalties under Section 271B as the obligation to furnish tax audit reports by a specified date was not in place at the relevant time and was introduced later by the Finance Act, 1995. The Court found that the petitioner had complied with the requirements by obtaining and filing the tax audit reports within the specified dates, thus ruling in favor of the petitioner and rejecting the rectification application. en-us Tue, 29 Jun 2010 00:00:00 +0530 Thu, 15 Mar 2012 16:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=76905 The Court quashed the orders passed by the Commissioner of Income Tax, Kolhapur, dated 28 September 1995 and 25 March 1996. The petitioner successfully challenged the imposition of penalties under Section 271B as the obligation to furnish tax audit reports by a specified date was not in place at the relevant time and was introduced later by the Finance Act, 1995. The Court found that the petitioner had complied with the requirements by obtaining and filing the tax audit reports within the specified dates, thus ruling in favor of the petitioner and rejecting the rectification application. Case-Laws Income Tax Tue, 29 Jun 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=76905