https://www.taxtmi.com/caselaws?id=187114 The Tribunal ruled in favor of the appellant, directing the deletion of penalties imposed under section 271B of the Income Tax Act for both assessment years. The penalties were deemed unjustified as the appellant had reasonable cause for not getting the accounts audited before the specified date, with turnover not exceeding the threshold amount as required by section 44AB. Consequently, the penalties for A.Y. 2006-07 and 2007-08 were deleted, and both appeals of the appellant were allowed. en-us Wed, 27 Nov 2013 00:00:00 +0530 Fri, 14 Oct 2016 11:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=187114 The Tribunal ruled in favor of the appellant, directing the deletion of penalties imposed under section 271B of the Income Tax Act for both assessment years. The penalties were deemed unjustified as the appellant had reasonable cause for not getting the accounts audited before the specified date, with turnover not exceeding the threshold amount as required by section 44AB. Consequently, the penalties for A.Y. 2006-07 and 2007-08 were deleted, and both appeals of the appellant were allowed. Case-Laws Income Tax Wed, 27 Nov 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=187114