https://www.taxtmi.com/caselaws?id=267926 The Tribunal allowed the Assessee's appeal, ruling that the penalty under Section 271B of the Income Tax Act was not justified. The Tribunal held that the Assessee had a reasonable cause for not getting the accounts audited, based on a bona fide belief, as per CBDT Circular No. 452 dated 17th March 1986. Therefore, the penalty was deleted, and all appeals for the relevant assessment years were allowed. en-us Wed, 30 Sep 2015 00:00:00 +0530 Tue, 17 Nov 2015 11:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=267926 The Tribunal allowed the Assessee's appeal, ruling that the penalty under Section 271B of the Income Tax Act was not justified. The Tribunal held that the Assessee had a reasonable cause for not getting the accounts audited, based on a bona fide belief, as per CBDT Circular No. 452 dated 17th March 1986. Therefore, the penalty was deleted, and all appeals for the relevant assessment years were allowed. Case-Laws Income Tax Wed, 30 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=267926