https://www.taxtmi.com/caselaws?id=187490 The High Court dismissed the applications under section 256(2) of the Income-tax Act, 1961, ruling that no substantial question of law arose. The penalties imposed on the partnership firm for failure to audit account books were confirmed for the initial assessment year due to untimely auditing. However, penalties for subsequent years were set aside as the firm had a reasonable cause for not auditing, given incomplete books from the prior year. The Court upheld the exercise of discretion by the authorities, concluding that no legal question arose based on established facts. en-us Wed, 27 Oct 1999 00:00:00 +0530 Mon, 24 Oct 2016 17:33:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=187490 The High Court dismissed the applications under section 256(2) of the Income-tax Act, 1961, ruling that no substantial question of law arose. The penalties imposed on the partnership firm for failure to audit account books were confirmed for the initial assessment year due to untimely auditing. However, penalties for subsequent years were set aside as the firm had a reasonable cause for not auditing, given incomplete books from the prior year. The Court upheld the exercise of discretion by the authorities, concluding that no legal question arose based on established facts. Case-Laws Income Tax Wed, 27 Oct 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=187490