https://www.taxtmi.com/caselaws?id=14797 The High Court of Punjab and Haryana dismissed the appeals, ruling that the penalty under section 271B of the Income-tax Act was not applicable in the case. The court emphasized that penalties should only be imposed for specified defaults explicitly provided for in the law. It was clarified that the failure to file the return along with the audit report by the specified date did not fall under the purview of section 271B. The judgment highlighted the importance of strict construction of penalty provisions and noted that subsequent amendments in 1995 addressed the gaps in the legislation. en-us Thu, 03 Feb 2000 00:00:00 +0530 Sat, 18 Jul 2009 16:58:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14797 The High Court of Punjab and Haryana dismissed the appeals, ruling that the penalty under section 271B of the Income-tax Act was not applicable in the case. The court emphasized that penalties should only be imposed for specified defaults explicitly provided for in the law. It was clarified that the failure to file the return along with the audit report by the specified date did not fall under the purview of section 271B. The judgment highlighted the importance of strict construction of penalty provisions and noted that subsequent amendments in 1995 addressed the gaps in the legislation. Case-Laws Income Tax Thu, 03 Feb 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14797