https://www.taxtmi.com/caselaws?id=175640 The Tribunal found that the assessee, a Co-operative Society, had taken all necessary steps to comply with Section 44AB of the Income-tax Act but was hindered by factors beyond its control, such as delayed appointment of auditors by the government. Regarding the penalty under Section 271B, the Tribunal reversed the initial penalty imposition, citing reasonable cause for the delay in submitting the final audit report. The High Court upheld the Tribunal's decision, emphasizing the need for judicial exercise of discretion in penalty imposition. Consequently, the appeal was dismissed, affirming the cancellation of the penalty under Section 271B. en-us Tue, 03 May 2005 00:00:00 +0530 Mon, 30 Nov 2015 16:35:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=175640 The Tribunal found that the assessee, a Co-operative Society, had taken all necessary steps to comply with Section 44AB of the Income-tax Act but was hindered by factors beyond its control, such as delayed appointment of auditors by the government. Regarding the penalty under Section 271B, the Tribunal reversed the initial penalty imposition, citing reasonable cause for the delay in submitting the final audit report. The High Court upheld the Tribunal's decision, emphasizing the need for judicial exercise of discretion in penalty imposition. Consequently, the appeal was dismissed, affirming the cancellation of the penalty under Section 271B. Case-Laws Income Tax Tue, 03 May 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=175640