https://www.taxtmi.com/caselaws?id=394551 The tribunal upheld the penalty u/s 271B for the assessment year 2011-12, confirming the penalty amount of Rs. 1.5 lakhs imposed by the AO. The appeal was dismissed as the assessee failed to demonstrate a valid reasonable cause for the delayed audit report submission, with the tribunal emphasizing the importance of timely compliance with statutory provisions and the need for substantiated reasons to avoid penalties. The lack of medical evidence for the partner's illness and the absence of convincing explanations led to the penalty being upheld, highlighting the significance of proper documentation and compliance with audit requirements. en-us Fri, 31 Jan 2020 00:00:00 +0530 Thu, 16 Apr 2020 12:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=394551 The tribunal upheld the penalty u/s 271B for the assessment year 2011-12, confirming the penalty amount of Rs. 1.5 lakhs imposed by the AO. The appeal was dismissed as the assessee failed to demonstrate a valid reasonable cause for the delayed audit report submission, with the tribunal emphasizing the importance of timely compliance with statutory provisions and the need for substantiated reasons to avoid penalties. The lack of medical evidence for the partner's illness and the absence of convincing explanations led to the penalty being upheld, highlighting the significance of proper documentation and compliance with audit requirements. Case-Laws Income Tax Fri, 31 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=394551