https://www.taxtmi.com/caselaws?id=185772 The Tribunal canceled penalties imposed under Section 271B of the Income-tax Act for assesses, Cooperative Societies, due to reasonable cause for failure to comply with Section 44AB audit requirements. The assesses' belief in full deductions under Section 80P, delays in audit due to auditor issues, and a High Court judgment supporting their position led to the Tribunal's decision. Consequently, all five appeals were allowed, emphasizing the importance of establishing reasonable cause for non-compliance with tax provisions and interpreting relevant sections of the Income-tax Act, especially for Cooperative Societies claiming deductions under Section 80P. en-us Thu, 07 Jul 2011 00:00:00 +0530 Sat, 27 Aug 2016 11:13:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=185772 The Tribunal canceled penalties imposed under Section 271B of the Income-tax Act for assesses, Cooperative Societies, due to reasonable cause for failure to comply with Section 44AB audit requirements. The assesses' belief in full deductions under Section 80P, delays in audit due to auditor issues, and a High Court judgment supporting their position led to the Tribunal's decision. Consequently, all five appeals were allowed, emphasizing the importance of establishing reasonable cause for non-compliance with tax provisions and interpreting relevant sections of the Income-tax Act, especially for Cooperative Societies claiming deductions under Section 80P. Case-Laws Income Tax Thu, 07 Jul 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=185772