https://www.taxtmi.com/caselaws?id=394812 The Tribunal allowed the appeal against the penalty imposed under section 271B of the Income Tax Act, emphasizing the importance of valid reasons for delays in compliance with tax laws. The penalty was set aside based on the appellant's reasonable cause for the delay in submitting the tax audit report. However, the appeal against the penalty under section 271F for late filing of the income tax return was dismissed. The Tribunal upheld the penalty, highlighting the significance of timely filing of tax returns to avoid penalties. en-us Wed, 19 Feb 2020 00:00:00 +0530 Sat, 25 Apr 2020 12:23:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=394812 The Tribunal allowed the appeal against the penalty imposed under section 271B of the Income Tax Act, emphasizing the importance of valid reasons for delays in compliance with tax laws. The penalty was set aside based on the appellant's reasonable cause for the delay in submitting the tax audit report. However, the appeal against the penalty under section 271F for late filing of the income tax return was dismissed. The Tribunal upheld the penalty, highlighting the significance of timely filing of tax returns to avoid penalties. Case-Laws Income Tax Wed, 19 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=394812