https://www.taxtmi.com/caselaws?id=10407 The High Court dismissed the Revenue's application under section 256(2) of the Income-tax Act, 1961, as no referable question of law arose from the Tribunal's order rejecting the section 256(1) application regarding the imposition of penalty under section 271B for late filing of audited accounts. The Court upheld the decision to set aside the penalties imposed on the assessee for the late filings of audited accounts for the relevant assessment years, emphasizing the need for substantive grounds beyond technical violations to justify penalties under tax laws. en-us Mon, 05 Jul 2004 00:00:00 +0530 Wed, 15 Jul 2009 12:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10407 The High Court dismissed the Revenue's application under section 256(2) of the Income-tax Act, 1961, as no referable question of law arose from the Tribunal's order rejecting the section 256(1) application regarding the imposition of penalty under section 271B for late filing of audited accounts. The Court upheld the decision to set aside the penalties imposed on the assessee for the late filings of audited accounts for the relevant assessment years, emphasizing the need for substantive grounds beyond technical violations to justify penalties under tax laws. Case-Laws Income Tax Mon, 05 Jul 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10407