https://www.taxtmi.com/caselaws?id=14970 Penalty under section 271B was not leviable where the assessee had obtained the statutory audit before the due date under section 44AB and filed the audit report with the return later. The court noted that, for the relevant assessment year, section 44AB required only that the accounts be audited by the specified date; there was then no obligation to furnish the audit report to the Assessing Officer before that date. As the default necessary to trigger penalty was absent, the assessee succeeded. en-us Wed, 24 Nov 1999 00:00:00 +0530 Mon, 27 Jul 2009 13:29:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14970 Penalty under section 271B was not leviable where the assessee had obtained the statutory audit before the due date under section 44AB and filed the audit report with the return later. The court noted that, for the relevant assessment year, section 44AB required only that the accounts be audited by the specified date; there was then no obligation to furnish the audit report to the Assessing Officer before that date. As the default necessary to trigger penalty was absent, the assessee succeeded. Case-Laws Income Tax Wed, 24 Nov 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14970