https://www.taxtmi.com/caselaws?id=391640 The tribunal concluded that the delay in getting the accounts audited did not warrant a penalty under Section 271B of the Income Tax Act, as there was substantial compliance and no revenue loss. The penalty of Rs. 1,37,500 was set aside, and the appeal for the assessment year 2013-14 was allowed. en-us Thu, 30 Jan 2020 00:00:00 +0530 Mon, 03 Feb 2020 13:18:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=391640 The tribunal concluded that the delay in getting the accounts audited did not warrant a penalty under Section 271B of the Income Tax Act, as there was substantial compliance and no revenue loss. The penalty of Rs. 1,37,500 was set aside, and the appeal for the assessment year 2013-14 was allowed. Case-Laws Income Tax Thu, 30 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=391640