https://www.taxtmi.com/caselaws?id=245708 The Tribunal allowed the Assessee's appeal, directing the deletion of the penalty imposed under section 271B of the Income Tax Act, 1961. The Tribunal found that the delay in obtaining and filing the Tax Audit Report under section 44AB was due to a reasonable cause, namely the delay in statutory audit completion. The Tribunal emphasized that the legislative intent of section 271B was coercive rather than penal, requiring proof of the absence of reasonable cause for failure. As the Assessee demonstrated a reasonable cause for the delay, the penalty was deemed unwarranted, and the appeal was successful. en-us Fri, 25 Oct 2013 00:00:00 +0530 Sat, 05 Apr 2014 15:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=245708 The Tribunal allowed the Assessee's appeal, directing the deletion of the penalty imposed under section 271B of the Income Tax Act, 1961. The Tribunal found that the delay in obtaining and filing the Tax Audit Report under section 44AB was due to a reasonable cause, namely the delay in statutory audit completion. The Tribunal emphasized that the legislative intent of section 271B was coercive rather than penal, requiring proof of the absence of reasonable cause for failure. As the Assessee demonstrated a reasonable cause for the delay, the penalty was deemed unwarranted, and the appeal was successful. Case-Laws Income Tax Fri, 25 Oct 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=245708