https://www.taxtmi.com/caselaws?id=209413 The Tribunal overturned the penalty imposed under section 271BA for failure to furnish an audit report under section 92E of the IT Act. The appellant's reasonable cause for the delay, coupled with compliance in subsequent years and unique circumstances of the first year of international business, led to the deletion of the penalty. The Tribunal emphasized the discretionary nature of the penalty provisions and the lack of intention to evade taxes, allowing the appeal and overturning the penalty upheld by the CIT(A). en-us Fri, 07 Jan 2011 00:00:00 +0530 Fri, 10 Feb 2012 11:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=209413 The Tribunal overturned the penalty imposed under section 271BA for failure to furnish an audit report under section 92E of the IT Act. The appellant's reasonable cause for the delay, coupled with compliance in subsequent years and unique circumstances of the first year of international business, led to the deletion of the penalty. The Tribunal emphasized the discretionary nature of the penalty provisions and the lack of intention to evade taxes, allowing the appeal and overturning the penalty upheld by the CIT(A). Case-Laws Income Tax Fri, 07 Jan 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=209413