https://www.taxtmi.com/caselaws?id=12533 Penalty for failure to get accounts audited under s.44AB was challenged on the ground that the assessee had defaulted in filing the audit report. The HC held that the appellate authorities concurrently found "reasonable cause" within the meaning of s.273B: the main contract was split, the assessee received only a small portion directly, the remainder was executed by another concern in which he was a partner, he disclosed the full arrangement and his share income without suppressing material facts, and he lacked control over the subcontractor's accounts; his bona fide belief that subcontract receipts were not to be included was accepted. No substantial question of law arose; the Revenue's appeal was dismissed. en-us Tue, 18 Sep 2001 00:00:00 +0530 Tue, 06 Jan 2026 22:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12533 Penalty for failure to get accounts audited under s.44AB was challenged on the ground that the assessee had defaulted in filing the audit report. The HC held that the appellate authorities concurrently found "reasonable cause" within the meaning of s.273B: the main contract was split, the assessee received only a small portion directly, the remainder was executed by another concern in which he was a partner, he disclosed the full arrangement and his share income without suppressing material facts, and he lacked control over the subcontractor's accounts; his bona fide belief that subcontract receipts were not to be included was accepted. No substantial question of law arose; the Revenue's appeal was dismissed. Case-Laws Income Tax Tue, 18 Sep 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12533