https://www.taxtmi.com/caselaws?id=186781 The ITAT Pune allowed the appeal, setting aside the penalty under section 271B imposed on the land acquisitions and developers company for failing to get its accounts audited within the specified time. The penalty of Rs. 36,249 was overturned based on the assessee's genuine reasons for the delay in audit, citing that mere delay in filing the audit report does not automatically warrant a penalty. The ITAT Pune directed the Assessing Officer to cancel the penalty, emphasizing the bonafide explanations provided by the assessee. en-us Tue, 26 Nov 2013 00:00:00 +0530 Wed, 02 Nov 2016 14:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=186781 The ITAT Pune allowed the appeal, setting aside the penalty under section 271B imposed on the land acquisitions and developers company for failing to get its accounts audited within the specified time. The penalty of Rs. 36,249 was overturned based on the assessee's genuine reasons for the delay in audit, citing that mere delay in filing the audit report does not automatically warrant a penalty. The ITAT Pune directed the Assessing Officer to cancel the penalty, emphasizing the bonafide explanations provided by the assessee. Case-Laws Income Tax Tue, 26 Nov 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=186781