https://www.taxtmi.com/caselaws?id=286183 The department's appeal against the cancellation of a penalty of Rs. 1,00,000 under section 271B of the Income-tax Act was dismissed. The CIT(A) found the assessee's explanation for the delay in obtaining the tax audit report reasonable due to labor issues and the complexity of auditing multiple units. The tribunal upheld the CIT(A)'s decision, emphasizing the lack of contradictions in the assessee's explanations and the absence of prejudice to revenue. The tribunal also noted the IAC's grant of extensions and concluded the penalty levy was unjustified. The appeal and cross-objection were both dismissed. en-us Fri, 21 Jun 1991 00:00:00 +0530 Sat, 15 Feb 2020 15:28:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=286183 The department's appeal against the cancellation of a penalty of Rs. 1,00,000 under section 271B of the Income-tax Act was dismissed. The CIT(A) found the assessee's explanation for the delay in obtaining the tax audit report reasonable due to labor issues and the complexity of auditing multiple units. The tribunal upheld the CIT(A)'s decision, emphasizing the lack of contradictions in the assessee's explanations and the absence of prejudice to revenue. The tribunal also noted the IAC's grant of extensions and concluded the penalty levy was unjustified. The appeal and cross-objection were both dismissed. Case-Laws Income Tax Fri, 21 Jun 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286183