https://www.taxtmi.com/caselaws?id=394745 The Tribunal set aside the penalty imposed under section 271B of the Income Tax Act for the assessment years 2014-15 and 2015-16. It ruled in favor of the appellant, finding that there was a reasonable cause for the delay in submitting the audit report required by section 44AB. The Tribunal emphasized that the report was filed before the completion of assessment proceedings, and the Assessing Officer had access to it. Therefore, the penalty was deemed unwarranted, leading to the deletion of the penalty imposed by the lower authorities. en-us Thu, 13 Feb 2020 00:00:00 +0530 Thu, 23 Apr 2020 11:07:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=394745 The Tribunal set aside the penalty imposed under section 271B of the Income Tax Act for the assessment years 2014-15 and 2015-16. It ruled in favor of the appellant, finding that there was a reasonable cause for the delay in submitting the audit report required by section 44AB. The Tribunal emphasized that the report was filed before the completion of assessment proceedings, and the Assessing Officer had access to it. Therefore, the penalty was deemed unwarranted, leading to the deletion of the penalty imposed by the lower authorities. Case-Laws Income Tax Thu, 13 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=394745