https://www.taxtmi.com/caselaws?id=409126 The Tribunal allowed the appeal, ruling that the penalty under section 271B of the Income-tax Act should not be imposed solely due to procedural delays in audit compliance. The decision was based on the assessee demonstrating a reasonable cause for the delay in submitting audit reports, which was accepted by the Tribunal. The Tribunal emphasized that penalty imposition should not occur automatically and must consider the specific circumstances and legal provisions regarding reasonable cause for delays in audit compliance. en-us Tue, 22 Jun 2021 00:00:00 +0530 Wed, 30 Jun 2021 09:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=409126 The Tribunal allowed the appeal, ruling that the penalty under section 271B of the Income-tax Act should not be imposed solely due to procedural delays in audit compliance. The decision was based on the assessee demonstrating a reasonable cause for the delay in submitting audit reports, which was accepted by the Tribunal. The Tribunal emphasized that penalty imposition should not occur automatically and must consider the specific circumstances and legal provisions regarding reasonable cause for delays in audit compliance. Case-Laws Income Tax Tue, 22 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=409126