https://www.taxtmi.com/caselaws?id=331348 The Tribunal allowed the appeal, deleting the penalty imposed under section 271B of the Income Tax Act. The appellant's delay in filing the tax audit report was deemed reasonable due to delays in completing the statutory audit, beyond their control. Emphasizing the need to prove reasonable cause for non-compliance, the Tribunal ruled in favor of the appellant, following precedent where penalties were canceled for similar reasons. The decision highlighted the discretionary nature of penalty imposition based on individual circumstances and statutory language, ultimately favoring the appellant in this case. en-us Tue, 05 Jul 2016 00:00:00 +0530 Sat, 20 Aug 2016 08:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=331348 The Tribunal allowed the appeal, deleting the penalty imposed under section 271B of the Income Tax Act. The appellant's delay in filing the tax audit report was deemed reasonable due to delays in completing the statutory audit, beyond their control. Emphasizing the need to prove reasonable cause for non-compliance, the Tribunal ruled in favor of the appellant, following precedent where penalties were canceled for similar reasons. The decision highlighted the discretionary nature of penalty imposition based on individual circumstances and statutory language, ultimately favoring the appellant in this case. Case-Laws Income Tax Tue, 05 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=331348