https://www.taxtmi.com/caselaws?id=353200 The Tribunal upheld the penalty under Section 271B of the Income Tax Act, amounting to Rs. 1,00,000, against the assessee for failing to timely get accounts audited. The Tribunal found that the delay was attributable to the assessee's failure to provide necessary documents to the auditor on time, rejecting the argument that the auditor's delay constituted a reasonable cause under Section 273B. Emphasizing the assessee's responsibility for timely compliance, the Tribunal dismissed the appeal, highlighting the significance of meeting statutory deadlines without substantiated reasonable cause. en-us Wed, 29 Nov 2017 00:00:00 +0530 Fri, 29 Dec 2017 08:55:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=353200 The Tribunal upheld the penalty under Section 271B of the Income Tax Act, amounting to Rs. 1,00,000, against the assessee for failing to timely get accounts audited. The Tribunal found that the delay was attributable to the assessee's failure to provide necessary documents to the auditor on time, rejecting the argument that the auditor's delay constituted a reasonable cause under Section 273B. Emphasizing the assessee's responsibility for timely compliance, the Tribunal dismissed the appeal, highlighting the significance of meeting statutory deadlines without substantiated reasonable cause. Case-Laws Income Tax Wed, 29 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=353200