https://www.taxtmi.com/caselaws?id=397373 The Tribunal allowed the appeal, deleting the penalty of Rs. 1,00,000 imposed under Section 271B. It was found that the penalty was unjustified as the audit report was obtained before the due date, and the non-furnishing was due to the non-filing of the return. The Tribunal highlighted the necessity of verifying audit compliance and the relevance of CBDT circulars in penalty determinations. en-us Tue, 11 Aug 2020 00:00:00 +0530 Mon, 05 Oct 2020 07:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397373 The Tribunal allowed the appeal, deleting the penalty of Rs. 1,00,000 imposed under Section 271B. It was found that the penalty was unjustified as the audit report was obtained before the due date, and the non-furnishing was due to the non-filing of the return. The Tribunal highlighted the necessity of verifying audit compliance and the relevance of CBDT circulars in penalty determinations. Case-Laws Income Tax Tue, 11 Aug 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397373