https://www.taxtmi.com/caselaws?id=9697 The High Court held that penalties imposed on the assessee under section 271B of the Income-tax Act, 1961 were not justified as the returns of income were filed under section 139(4) without the requirement to file audit reports along with them. The Court referenced previous cases where penalties were deleted under similar circumstances, emphasizing that when the return of income is accompanied by the necessary audit report obtained in accordance with section 44AB, the penalty under section 271B does not apply. Consequently, the High Court ruled in favor of the assessee, disposing of the reference in their favor against the Revenue. en-us Sat, 30 Apr 2005 00:00:00 +0530 Mon, 29 Jun 2009 12:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9697 The High Court held that penalties imposed on the assessee under section 271B of the Income-tax Act, 1961 were not justified as the returns of income were filed under section 139(4) without the requirement to file audit reports along with them. The Court referenced previous cases where penalties were deleted under similar circumstances, emphasizing that when the return of income is accompanied by the necessary audit report obtained in accordance with section 44AB, the penalty under section 271B does not apply. Consequently, the High Court ruled in favor of the assessee, disposing of the reference in their favor against the Revenue. Case-Laws Income Tax Sat, 30 Apr 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9697