https://www.taxtmi.com/caselaws?id=269088 The ITAT reversed the penalty imposed under section 271B of the Income Tax Act on a partnership firm for not obtaining the tax audit report before the specified date. The ITAT held that the requirement in section 44AB was to obtain the audit report by the specified date, not necessarily before it. The delay of one day was considered reasonable cause for penalty deletion, based on an interpretation of the term "before" and legislative intent. The ITAT's decision was grounded in statutory provisions and previous judicial decisions, leading to the cancellation of the penalty. en-us Wed, 21 Oct 2015 00:00:00 +0530 Thu, 03 Dec 2015 18:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=269088 The ITAT reversed the penalty imposed under section 271B of the Income Tax Act on a partnership firm for not obtaining the tax audit report before the specified date. The ITAT held that the requirement in section 44AB was to obtain the audit report by the specified date, not necessarily before it. The delay of one day was considered reasonable cause for penalty deletion, based on an interpretation of the term "before" and legislative intent. The ITAT's decision was grounded in statutory provisions and previous judicial decisions, leading to the cancellation of the penalty. Case-Laws Income Tax Wed, 21 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=269088