https://www.taxtmi.com/caselaws?id=377445 The High Court upheld the ITAT's decision to delete the penalty imposed on an assessee firm for delaying the filing of a tax audit report under Section 44AB of the Income Tax Act. The Court emphasized the discretionary nature of imposing penalties under Section 271B, considering the reasonable cause provided by the assessee for the delay. The Court ruled in favor of the assessee, exempting them from the penalty and affirming that the delay was justified by a valid explanation, leading to the dismissal of the Income Tax Appeal. en-us Tue, 29 Jan 2019 00:00:00 +0530 Fri, 29 Mar 2019 09:05:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=377445 The High Court upheld the ITAT's decision to delete the penalty imposed on an assessee firm for delaying the filing of a tax audit report under Section 44AB of the Income Tax Act. The Court emphasized the discretionary nature of imposing penalties under Section 271B, considering the reasonable cause provided by the assessee for the delay. The Court ruled in favor of the assessee, exempting them from the penalty and affirming that the delay was justified by a valid explanation, leading to the dismissal of the Income Tax Appeal. Case-Laws Income Tax Tue, 29 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=377445