https://www.taxtmi.com/caselaws?id=333345 The Tribunal allowed the appeal, canceling the penalty under section 271B imposed for delayed audit of accounts for Assessment Year 2008-09. The Tribunal found that the delay was justified due to reasonable causes, including the necessity to obtain the tax audit report for the preceding assessment year before completing the audit accurately. Previous Tribunal decisions and the acceptance of the revised income computation by the AO supported the assessee's explanation for the delay, leading to the penalty being set aside in favor of the assessee. en-us Tue, 31 May 2016 00:00:00 +0530 Mon, 10 Oct 2016 13:22:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=333345 The Tribunal allowed the appeal, canceling the penalty under section 271B imposed for delayed audit of accounts for Assessment Year 2008-09. The Tribunal found that the delay was justified due to reasonable causes, including the necessity to obtain the tax audit report for the preceding assessment year before completing the audit accurately. Previous Tribunal decisions and the acceptance of the revised income computation by the AO supported the assessee's explanation for the delay, leading to the penalty being set aside in favor of the assessee. Case-Laws Income Tax Tue, 31 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=333345