https://www.taxtmi.com/caselaws?id=331388 The ITAT ruled in favor of the appellant, a society operating educational institutes, in a case concerning penalties under section 271B of the IT Act. The appellant's failure to timely submit the audit report led to penalty proceedings initiated by the AO and confirmed by the CIT(A). However, the ITAT found the penalty unjustified, considering the appellant's belief in income exemption and subsequent registration under section 12A. The ITAT emphasized the technical nature of the breach and reasonable causes for non-compliance, ultimately deleting the penalty and allowing the appeal. en-us Tue, 19 Jul 2016 00:00:00 +0530 Mon, 22 Aug 2016 11:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=331388 The ITAT ruled in favor of the appellant, a society operating educational institutes, in a case concerning penalties under section 271B of the IT Act. The appellant's failure to timely submit the audit report led to penalty proceedings initiated by the AO and confirmed by the CIT(A). However, the ITAT found the penalty unjustified, considering the appellant's belief in income exemption and subsequent registration under section 12A. The ITAT emphasized the technical nature of the breach and reasonable causes for non-compliance, ultimately deleting the penalty and allowing the appeal. Case-Laws Income Tax Tue, 19 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=331388