https://www.taxtmi.com/caselaws?id=358145 The Tribunal ruled in favor of the appellant, revoking the penalty imposed under section 271B for failure to get accounts audited and furnish audit report before the due date. The Tribunal considered the delay in statutory audit completion as a reasonable cause for the delay in submitting the tax audit report under section 44AB, leading to the deletion of the penalty. The decision was based on the precedent that delay in statutory audit completion can constitute a valid reason for non-compliance with section 44AB, resulting in the cancellation of the penalty. en-us Wed, 28 Mar 2018 00:00:00 +0530 Fri, 06 Apr 2018 07:46:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=358145 The Tribunal ruled in favor of the appellant, revoking the penalty imposed under section 271B for failure to get accounts audited and furnish audit report before the due date. The Tribunal considered the delay in statutory audit completion as a reasonable cause for the delay in submitting the tax audit report under section 44AB, leading to the deletion of the penalty. The decision was based on the precedent that delay in statutory audit completion can constitute a valid reason for non-compliance with section 44AB, resulting in the cancellation of the penalty. Case-Laws Income Tax Wed, 28 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=358145