https://www.taxtmi.com/caselaws?id=376609 The ITAT deleted the penalty imposed under section 271B of the Act for delayed audit report submission, citing a virus infection as a reasonable cause for the delay. The decision emphasized the importance of timely compliance and the lack of financial loss to the Revenue due to the delay, aligning with precedents on penalty imposition in tax matters. The case highlighted the significance of justifying penalties based on reasonable causes and the impact of procedural lapses on tax liabilities. en-us Tue, 05 Feb 2019 00:00:00 +0530 Wed, 13 Mar 2019 08:34:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=376609 The ITAT deleted the penalty imposed under section 271B of the Act for delayed audit report submission, citing a virus infection as a reasonable cause for the delay. The decision emphasized the importance of timely compliance and the lack of financial loss to the Revenue due to the delay, aligning with precedents on penalty imposition in tax matters. The case highlighted the significance of justifying penalties based on reasonable causes and the impact of procedural lapses on tax liabilities. Case-Laws Income Tax Tue, 05 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=376609