https://www.taxtmi.com/caselaws?id=333200 The Tribunal ruled in favor of the assessee, setting aside the penalty u/s. 271B for delay in filing the audit report under section 44AB of the Income Tax Act, 1961. The Tribunal found the delay to be reasonable due to circumstances beyond the assessee's control, such as the accountant leaving during the financial year and issues with the sister concern's credit notes. Emphasizing the lack of malafide intention, the Tribunal referenced previous cases where penalties were deleted for similar delays, highlighting the importance of considering reasonable causes in penalty determinations. en-us Fri, 19 Aug 2016 00:00:00 +0530 Thu, 06 Oct 2016 11:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=333200 The Tribunal ruled in favor of the assessee, setting aside the penalty u/s. 271B for delay in filing the audit report under section 44AB of the Income Tax Act, 1961. The Tribunal found the delay to be reasonable due to circumstances beyond the assessee's control, such as the accountant leaving during the financial year and issues with the sister concern's credit notes. Emphasizing the lack of malafide intention, the Tribunal referenced previous cases where penalties were deleted for similar delays, highlighting the importance of considering reasonable causes in penalty determinations. Case-Laws Income Tax Fri, 19 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=333200