https://www.taxtmi.com/caselaws?id=212073 The High Court allowed the appellant's appeal in a case concerning the levy of penalty under Section 271B for delayed filing of an audit report in response to proceedings under Section 148 before completion of assessment. The Court held that as the audit report was filed during reassessment proceedings and not with the return before the specified date, the penalty under Section 271B was not applicable. The Court overturned the Tribunal's decision, ruling in favor of the appellant and setting aside the penalty imposed by the Assessing Officer. en-us Tue, 28 Sep 2010 00:00:00 +0530 Fri, 22 Jun 2012 15:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=212073 The High Court allowed the appellant's appeal in a case concerning the levy of penalty under Section 271B for delayed filing of an audit report in response to proceedings under Section 148 before completion of assessment. The Court held that as the audit report was filed during reassessment proceedings and not with the return before the specified date, the penalty under Section 271B was not applicable. The Court overturned the Tribunal's decision, ruling in favor of the appellant and setting aside the penalty imposed by the Assessing Officer. Case-Laws Income Tax Tue, 28 Sep 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=212073