https://www.taxtmi.com/caselaws?id=151926 Timely obtaining of the tax audit report under section 44AB was treated as sufficient compliance, so belated filing of the return did not by itself justify penalty under section 271B; the penalty was therefore not leviable. On the share broker issue, the receipts were found to arise from transactions undertaken on behalf of clients, with only commission income accruing to the assessee, so the audit requirement was not attracted on those facts. The Revenue's appeals failed and the relief granted in favour of the assessee was sustained. en-us Tue, 12 Jun 2001 00:00:00 +0530 Wed, 19 Jun 2013 16:22:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=151926 Timely obtaining of the tax audit report under section 44AB was treated as sufficient compliance, so belated filing of the return did not by itself justify penalty under section 271B; the penalty was therefore not leviable. On the share broker issue, the receipts were found to arise from transactions undertaken on behalf of clients, with only commission income accruing to the assessee, so the audit requirement was not attracted on those facts. The Revenue's appeals failed and the relief granted in favour of the assessee was sustained. Case-Laws Income Tax Tue, 12 Jun 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=151926