https://www.taxtmi.com/caselaws?id=77159 The High Court upheld the Tribunal's decision to delete the penalty under section 271B for non-compliance with section 44AB provisions. The Court emphasized that penalty is applicable for failure to obtain an audit report along with the return filed under specified sections. Since the accounts were audited and the report obtained, albeit filed belatedly, no penalty was imposed. The Court dismissed the appeal, citing previous judgments and statutory requirements, concluding that the penalty was unwarranted due to compliance with audit procedures. en-us Tue, 08 Jul 2008 00:00:00 +0530 Sat, 02 Feb 2013 11:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=77159 The High Court upheld the Tribunal's decision to delete the penalty under section 271B for non-compliance with section 44AB provisions. The Court emphasized that penalty is applicable for failure to obtain an audit report along with the return filed under specified sections. Since the accounts were audited and the report obtained, albeit filed belatedly, no penalty was imposed. The Court dismissed the appeal, citing previous judgments and statutory requirements, concluding that the penalty was unwarranted due to compliance with audit procedures. Case-Laws Income Tax Tue, 08 Jul 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=77159