https://www.taxtmi.com/caselaws?id=266111 The Appellate Tribunal condoned the delay in filing the appeal, admitting it for hearing due to honest and bona fide reasons. Despite agreeing on the interpretation of 'gross receipts', the Tribunal held the assessee not liable for penalty under section 271B. The Tribunal found the case debatable, constituting a reasonable cause under section 273B, and deleted the penalty, considering the partial fulfillment of audit report requirements and genuine belief regarding turnover limits. The appeal was allowed, and the penalty under section 271B was deleted. en-us Fri, 11 Jul 2014 00:00:00 +0530 Sun, 18 Oct 2015 18:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=266111 The Appellate Tribunal condoned the delay in filing the appeal, admitting it for hearing due to honest and bona fide reasons. Despite agreeing on the interpretation of 'gross receipts', the Tribunal held the assessee not liable for penalty under section 271B. The Tribunal found the case debatable, constituting a reasonable cause under section 273B, and deleted the penalty, considering the partial fulfillment of audit report requirements and genuine belief regarding turnover limits. The appeal was allowed, and the penalty under section 271B was deleted. Case-Laws Income Tax Fri, 11 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=266111