https://www.taxtmi.com/caselaws?id=347612 The ITAT ruled in favor of the appellant, setting aside the penalty imposed under section 271B for failure to get accounts audited under section 44AB of the Income-tax Act, 1961. The tribunal found that the appellant provided sufficient evidence demonstrating a reasonable cause for non-compliance, specifically due to the impact of floods on the books of account. As per section 273B, the appellant was exonerated from penalties, leading to the deletion of the penalty by the ITAT. en-us Wed, 16 Aug 2017 00:00:00 +0530 Thu, 07 Sep 2017 14:02:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=347612 The ITAT ruled in favor of the appellant, setting aside the penalty imposed under section 271B for failure to get accounts audited under section 44AB of the Income-tax Act, 1961. The tribunal found that the appellant provided sufficient evidence demonstrating a reasonable cause for non-compliance, specifically due to the impact of floods on the books of account. As per section 273B, the appellant was exonerated from penalties, leading to the deletion of the penalty by the ITAT. Case-Laws Income Tax Wed, 16 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=347612