https://www.taxtmi.com/caselaws?id=255465 The High Court overturned the Tribunal's decision and ruled in favor of the assessee, a Public Limited Company, in a tax penalty case under section 271B of the Income Tax Act, 1961. The Court considered the challenges faced by the assessee as a "sick unit" and emphasized a liberal approach in evaluating reasons for the delay in filing the Tax Audit Report. The Court reinstated the CIT(A)'s decision, setting aside the penalty imposed by the Assessing Officer and allowing the appeal against the penalty. en-us Wed, 24 Dec 2014 00:00:00 +0530 Sat, 17 Jan 2015 09:54:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=255465 The High Court overturned the Tribunal's decision and ruled in favor of the assessee, a Public Limited Company, in a tax penalty case under section 271B of the Income Tax Act, 1961. The Court considered the challenges faced by the assessee as a "sick unit" and emphasized a liberal approach in evaluating reasons for the delay in filing the Tax Audit Report. The Court reinstated the CIT(A)'s decision, setting aside the penalty imposed by the Assessing Officer and allowing the appeal against the penalty. Case-Laws Income Tax Wed, 24 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=255465