https://www.taxtmi.com/caselaws?id=119173 The Tribunal allowed the appeal against the penalty imposed under section 271B of the Income-tax Act, 1961 for the assessment year 1994-95. The Tribunal found that the illness of a partner in the assessee firm constituted a reasonable cause for the delay in filing the audit report along with the return. As the increase in profit did not indicate timely filing of the report, the Tribunal concluded that there was no justification for the penalty. Therefore, the penalty was deleted, and the appeal was allowed. en-us Wed, 27 Oct 2004 00:00:00 +0530 Mon, 09 Jul 2012 14:14:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=119173 The Tribunal allowed the appeal against the penalty imposed under section 271B of the Income-tax Act, 1961 for the assessment year 1994-95. The Tribunal found that the illness of a partner in the assessee firm constituted a reasonable cause for the delay in filing the audit report along with the return. As the increase in profit did not indicate timely filing of the report, the Tribunal concluded that there was no justification for the penalty. Therefore, the penalty was deleted, and the appeal was allowed. Case-Laws Income Tax Wed, 27 Oct 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=119173