https://www.taxtmi.com/caselaws?id=331211 The Tribunal allowed both appeals filed by the assessee, directing the cancellation of penalties under Sections 271B and 271(1)(b) of the Income Tax Act. In the first case, the Tribunal found that the assessee had a reasonable cause for not filing the tax audit report on time, as the accounts were audited before the specified date. The second penalty was canceled due to the reasonable cause of non-compliance related to personal issues faced by the tax consultant. en-us Fri, 17 Jun 2016 00:00:00 +0530 Wed, 17 Aug 2016 09:08:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=331211 The Tribunal allowed both appeals filed by the assessee, directing the cancellation of penalties under Sections 271B and 271(1)(b) of the Income Tax Act. In the first case, the Tribunal found that the assessee had a reasonable cause for not filing the tax audit report on time, as the accounts were audited before the specified date. The second penalty was canceled due to the reasonable cause of non-compliance related to personal issues faced by the tax consultant. Case-Laws Income Tax Fri, 17 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=331211