https://www.taxtmi.com/caselaws?id=116952 Penalty for delayed furnishing of the audit report under section 44AB was held unsustainable where the assessee showed bona fide and reasonable cause under section 273B. The Tribunal accepted that the audit had been completed before the due date, one partner needed to sign the papers at Mumbai, and the assessee acted under a genuine understanding that only obtaining the audit report was required. In the changed statutory setting after the 1 July 1995 amendment, the short delay was treated as a technical breach covered by section 273B, so penalty was deleted. en-us Tue, 24 Jun 2003 00:00:00 +0530 Tue, 19 Jun 2012 11:50:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=116952 Penalty for delayed furnishing of the audit report under section 44AB was held unsustainable where the assessee showed bona fide and reasonable cause under section 273B. The Tribunal accepted that the audit had been completed before the due date, one partner needed to sign the papers at Mumbai, and the assessee acted under a genuine understanding that only obtaining the audit report was required. In the changed statutory setting after the 1 July 1995 amendment, the short delay was treated as a technical breach covered by section 273B, so penalty was deleted. Case-Laws Income Tax Tue, 24 Jun 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=116952