https://www.taxtmi.com/caselaws?id=245816 The ITAT set aside the penalty imposed under section 271B of the Income Tax Act for A.Y. 2009-10, ruling in favor of the assessee. The ITAT held that the assessee had substantially complied with the provisions of section 44AB by submitting the tax audit report in Form 3CB, despite arguments that Form 3CA should have been filed. Emphasizing that the forms 3CA and 3CB were not mutually exclusive, the ITAT concluded that the assessee had met the necessary conditions and allowed the appeal, overturning the penalty and rendering the stay petition unnecessary. en-us Fri, 28 Mar 2014 00:00:00 +0530 Tue, 08 Apr 2014 13:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=245816 The ITAT set aside the penalty imposed under section 271B of the Income Tax Act for A.Y. 2009-10, ruling in favor of the assessee. The ITAT held that the assessee had substantially complied with the provisions of section 44AB by submitting the tax audit report in Form 3CB, despite arguments that Form 3CA should have been filed. Emphasizing that the forms 3CA and 3CB were not mutually exclusive, the ITAT concluded that the assessee had met the necessary conditions and allowed the appeal, overturning the penalty and rendering the stay petition unnecessary. Case-Laws Income Tax Fri, 28 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=245816