https://www.taxtmi.com/caselaws?id=9950 The High Court of Karnataka ruled in favor of the Revenue in a penalty proceeding case related to the failure to audit accounts under section 44AB of the Income-tax Act, 1961. The court found that the penalty imposition was within the prescribed time limit and rejected the Tribunal's decision to set aside the penalty on grounds of limitation. The court held that the penalty provisions were applicable and sustainable in this case, ultimately ruling in favor of the Revenue and against the assessee, with no costs imposed on either party. en-us Tue, 18 Jul 2006 00:00:00 +0530 Fri, 03 Jul 2009 17:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9950 The High Court of Karnataka ruled in favor of the Revenue in a penalty proceeding case related to the failure to audit accounts under section 44AB of the Income-tax Act, 1961. The court found that the penalty imposition was within the prescribed time limit and rejected the Tribunal's decision to set aside the penalty on grounds of limitation. The court held that the penalty provisions were applicable and sustainable in this case, ultimately ruling in favor of the Revenue and against the assessee, with no costs imposed on either party. Case-Laws Income Tax Tue, 18 Jul 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9950