https://www.taxtmi.com/caselaws?id=383672 The Tribunal held that the penalty under Section 271B of the Income Tax Act should not be imposed as the assessee had a reasonable cause for not getting his books audited within the stipulated time, being misled by his accountant in his first year of business. The penalty of Rs. 73,070 was directed to be deleted, and the appeal of the assessee was allowed. The order was pronounced on 24.07.2019. en-us Wed, 24 Jul 2019 00:00:00 +0530 Sat, 27 Jul 2019 12:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=383672 The Tribunal held that the penalty under Section 271B of the Income Tax Act should not be imposed as the assessee had a reasonable cause for not getting his books audited within the stipulated time, being misled by his accountant in his first year of business. The penalty of Rs. 73,070 was directed to be deleted, and the appeal of the assessee was allowed. The order was pronounced on 24.07.2019. Case-Laws Income Tax Wed, 24 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=383672