https://www.taxtmi.com/caselaws?id=281248 The Tribunal dismissed the Revenue's appeal against the cancellation of penalty under section 271B by the CIT(Appeals). It held that the assessee complied with section 44AB by auditing accounts under the Companies Act and obtaining the required audit report, despite doing so after the specified date. The Tribunal found no time limit for obtaining the tax audit report in Forms 3CA and 3CD, emphasizing non-time-bound compliance. Due to the technical and venial nature of the default, the Tribunal ruled in favor of the assessee, concluding that penalty imposition was unwarranted. en-us Mon, 09 Jun 1997 00:00:00 +0530 Mon, 10 Jun 2019 16:27:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=281248 The Tribunal dismissed the Revenue's appeal against the cancellation of penalty under section 271B by the CIT(Appeals). It held that the assessee complied with section 44AB by auditing accounts under the Companies Act and obtaining the required audit report, despite doing so after the specified date. The Tribunal found no time limit for obtaining the tax audit report in Forms 3CA and 3CD, emphasizing non-time-bound compliance. Due to the technical and venial nature of the default, the Tribunal ruled in favor of the assessee, concluding that penalty imposition was unwarranted. Case-Laws Income Tax Mon, 09 Jun 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=281248