https://www.taxtmi.com/caselaws?id=212431 The Tribunal upheld the penalty under section 271B for delay in filing the audit report under section 44AB of the Income-tax Act, 1961. Despite the availability of the audit report before completing the assessment, the Tribunal found the explanations provided by the assessee unconvincing. Emphasizing the importance of compliance with established laws, the Tribunal dismissed the appeal and supported the assessing authority's decision to levy the penalty of Rs. 1 lakh. en-us Thu, 19 Jan 2012 00:00:00 +0530 Sun, 15 Apr 2012 18:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=212431 The Tribunal upheld the penalty under section 271B for delay in filing the audit report under section 44AB of the Income-tax Act, 1961. Despite the availability of the audit report before completing the assessment, the Tribunal found the explanations provided by the assessee unconvincing. Emphasizing the importance of compliance with established laws, the Tribunal dismissed the appeal and supported the assessing authority's decision to levy the penalty of Rs. 1 lakh. Case-Laws Income Tax Thu, 19 Jan 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=212431