https://www.taxtmi.com/caselaws?id=284630 The Appellate Tribunal allowed the appeal, overturning the penalty imposed under section 271B of the Income Tax Act. The Tribunal found that the delay in audit was beyond the appellant's control due to document seizure and subsequent release. Citing relevant case law, the Tribunal emphasized the Assessing Officer's discretion in penalty imposition based on reasonable cause shown by the assessee. The Tribunal concluded that the delayed audit report was justified, indicating a reasonable cause, thus rendering the penalty inapplicable. en-us Thu, 03 Dec 2015 00:00:00 +0530 Sat, 30 Nov 2019 15:52:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=284630 The Appellate Tribunal allowed the appeal, overturning the penalty imposed under section 271B of the Income Tax Act. The Tribunal found that the delay in audit was beyond the appellant's control due to document seizure and subsequent release. Citing relevant case law, the Tribunal emphasized the Assessing Officer's discretion in penalty imposition based on reasonable cause shown by the assessee. The Tribunal concluded that the delayed audit report was justified, indicating a reasonable cause, thus rendering the penalty inapplicable. Case-Laws Income Tax Thu, 03 Dec 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=284630