https://www.taxtmi.com/caselaws?id=217869 Penalty under section 271B for non-compliance with section 44AB was held unwarranted where a cooperative bank's accounts had been audited under the U.P. Cooperative Societies Act by an appointed statutory auditor, and a binding High Court direction barred audit through private chartered accountants. The failure to secure the audit in the manner contemplated by the Income-tax Act was treated as supported by reasonable cause, bringing the case within section 273B and requiring fair, discretionary exercise of penalty powers. On those facts, the matter was decided against the Revenue and in favour of the assessee. en-us Tue, 09 Oct 2012 00:00:00 +0530 Mon, 29 Oct 2012 10:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=217869 Penalty under section 271B for non-compliance with section 44AB was held unwarranted where a cooperative bank's accounts had been audited under the U.P. Cooperative Societies Act by an appointed statutory auditor, and a binding High Court direction barred audit through private chartered accountants. The failure to secure the audit in the manner contemplated by the Income-tax Act was treated as supported by reasonable cause, bringing the case within section 273B and requiring fair, discretionary exercise of penalty powers. On those facts, the matter was decided against the Revenue and in favour of the assessee. Case-Laws Income Tax Tue, 09 Oct 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=217869