https://www.taxtmi.com/caselaws?id=121021 The Tribunal concluded that the lower authorities erred in denying the benefit of Section 44AF(5) to the assessee. The Tribunal directed the Assessing Officer not to apply the provisions of Section 44AF(1) and allowed the assessee's appeals, emphasizing that the late filing of the audit report should only attract a penalty under Section 271B and not lead to the denial of claiming lower profits. As a result, the appeals of the assessee were allowed. en-us Thu, 16 Aug 2007 00:00:00 +0530 Thu, 26 Jul 2012 10:59:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=121021 The Tribunal concluded that the lower authorities erred in denying the benefit of Section 44AF(5) to the assessee. The Tribunal directed the Assessing Officer not to apply the provisions of Section 44AF(1) and allowed the assessee's appeals, emphasizing that the late filing of the audit report should only attract a penalty under Section 271B and not lead to the denial of claiming lower profits. As a result, the appeals of the assessee were allowed. Case-Laws Income Tax Thu, 16 Aug 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=121021