https://www.taxtmi.com/caselaws?id=241443 In ITA No.1399/PN/2011, a Pvt. Ltd. Company faced penalty proceedings under section 271B for delayed audit of accounts for A.Y. 2006-07. The penalty of Rs. 1 lakh was upheld by the Tribunal due to unsubstantiated reasons provided by the appellant. Similarly, in ITA No.1400/PN/2011, the penalty was upheld based on identical circumstances. However, in ITA No.1401/PN/2011, the penalty of Rs. 23,251 for A.Y. 2007-08 was canceled as a reasonable cause was established related to unaudited accounts from the prior year. The Tribunal decisions were fact-specific, emphasizing the need for valid justifications for compliance delays. en-us Thu, 28 Feb 2013 00:00:00 +0530 Tue, 24 Dec 2013 08:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=241443 In ITA No.1399/PN/2011, a Pvt. Ltd. Company faced penalty proceedings under section 271B for delayed audit of accounts for A.Y. 2006-07. The penalty of Rs. 1 lakh was upheld by the Tribunal due to unsubstantiated reasons provided by the appellant. Similarly, in ITA No.1400/PN/2011, the penalty was upheld based on identical circumstances. However, in ITA No.1401/PN/2011, the penalty of Rs. 23,251 for A.Y. 2007-08 was canceled as a reasonable cause was established related to unaudited accounts from the prior year. The Tribunal decisions were fact-specific, emphasizing the need for valid justifications for compliance delays. Case-Laws Income Tax Thu, 28 Feb 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=241443