Penalties for late audits u/s 271-B dismissed due to delays, protected by Section 275(1)(c) for multiple years.

Penalties for late audits u/s 271-B dismissed due to delays, protected by Section 275(1)(c) for multiple years. https://www.taxtmi.com/highlights?id=3001 Penalty u/s 271-B – failure to get accounts audited u/s 44AB - penalty proceedings for the A.Y. 2000-01, 2001-02, 2002-03 & 2003-04 were initiated after the period of more than 4.5, 3.5, 2.5 & 1.5 years respectively after the completion of assessment. Therefore in wake of Section 275(1)(c), no penalty can be imposed - HC en-us Wed, 22 Feb 2012 15:20:58 +0530 Wed, 22 Feb 2012 15:20:58 +0530 TaxTMI RSS Generator Penalties for late audits u/s 271-B dismissed due to delays, protected by Section 275(1)(c) for multiple years. https://www.taxtmi.com/highlights?id=3001 Penalty u/s 271-B – failure to get accounts audited u/s 44AB - penalty proceedings for the A.Y. 2000-01, 2001-02, 2002-03 & 2003-04 were initiated after the period of more than 4.5, 3.5, 2.5 & 1.5 years respectively after the completion of assessment. Therefore in wake of Section 275(1)(c), no penalty can be imposed - HC Highlights Income Tax Wed, 22 Feb 2012 15:20:58 +0530 https://www.taxtmi.com/highlights?id=3001