https://www.taxtmi.com/caselaws?id=2287 The Tribunal canceled penalties imposed under section 271B for failure to furnish audit reports along with returns under section 139(1) of the Income-tax Act. Relying on precedents like Hindustan Steel Ltd. v. State of Orissa and CIT v. Vegetable Products Ltd., the Tribunal held that obtaining audit reports before the specified date under section 44AB was sufficient, negating the need to furnish them before the Assessing Officer. The High Court had previously ruled similarly, finding the obligation under section 44AB met by obtaining the audit report before the specified date. The court ruled in favor of the assessee, rendering the penalties inapplicable. en-us Mon, 09 Apr 2007 00:00:00 +0530 Fri, 01 Aug 2008 09:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=2287 The Tribunal canceled penalties imposed under section 271B for failure to furnish audit reports along with returns under section 139(1) of the Income-tax Act. Relying on precedents like Hindustan Steel Ltd. v. State of Orissa and CIT v. Vegetable Products Ltd., the Tribunal held that obtaining audit reports before the specified date under section 44AB was sufficient, negating the need to furnish them before the Assessing Officer. The High Court had previously ruled similarly, finding the obligation under section 44AB met by obtaining the audit report before the specified date. The court ruled in favor of the assessee, rendering the penalties inapplicable. Case-Laws Income Tax Mon, 09 Apr 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=2287