https://www.taxtmi.com/caselaws?id=11582 The High Court upheld the penalty of Rs. 1 lakh for the assessment year 1992-93 under section 271B of the Income-tax Act, citing the delay in obtaining the audit report and the assessee's failure to provide valid reasons for the delays caused by internal disputes. However, the Court set aside the penalty for the assessment year 1993-94, considering the interconnected nature of the audit reports and the lack of grounds to waive the penalty due to internal disputes among directors. Both appeals were disposed of without costs, affirming the Tribunal's decision on the penalties imposed. en-us Wed, 16 Apr 2003 00:00:00 +0530 Sat, 30 Jan 2010 17:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11582 The High Court upheld the penalty of Rs. 1 lakh for the assessment year 1992-93 under section 271B of the Income-tax Act, citing the delay in obtaining the audit report and the assessee's failure to provide valid reasons for the delays caused by internal disputes. However, the Court set aside the penalty for the assessment year 1993-94, considering the interconnected nature of the audit reports and the lack of grounds to waive the penalty due to internal disputes among directors. Both appeals were disposed of without costs, affirming the Tribunal's decision on the penalties imposed. Case-Laws Income Tax Wed, 16 Apr 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11582