https://www.taxtmi.com/caselaws?id=9434 The High Court ruled in favor of the assessee, affirming that no penalty under section 271B was imposable due to the reasonable cause established for the delay in audit report submission. The Court found the Tribunal's decision to delete the penalty valid, supported by evidence of a reasonable cause, including medical certificates and the death of a senior partner. The first question on penalty for the assessment year 1987-88 was decided in favor of the assessee, rendering the second question on penalty excessiveness moot. No costs were awarded in the judgment. en-us Fri, 01 Apr 2005 00:00:00 +0530 Mon, 22 Jun 2009 18:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9434 The High Court ruled in favor of the assessee, affirming that no penalty under section 271B was imposable due to the reasonable cause established for the delay in audit report submission. The Court found the Tribunal's decision to delete the penalty valid, supported by evidence of a reasonable cause, including medical certificates and the death of a senior partner. The first question on penalty for the assessment year 1987-88 was decided in favor of the assessee, rendering the second question on penalty excessiveness moot. No costs were awarded in the judgment. Case-Laws Income Tax Fri, 01 Apr 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9434