https://www.taxtmi.com/caselaws?id=414547 The Tribunal held that the appellant's genuine belief, supported by compliance with relevant audit requirements, constituted a reasonable cause for not obtaining the tax audit report under section 44AB. The Tribunal directed the Assessing Officer to delete the penalty imposed under section 271B, emphasizing that the appellant's explanation was credible and that the audit report under the Maharashtra Cooperative Societies Act sufficed, given the income exemption under section 80P(2). Subsequent appeals with similar facts and issues were also allowed in favor of the appellant based on this decision. en-us Wed, 03 Nov 2021 00:00:00 +0530 Wed, 10 Nov 2021 07:02:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=414547 The Tribunal held that the appellant's genuine belief, supported by compliance with relevant audit requirements, constituted a reasonable cause for not obtaining the tax audit report under section 44AB. The Tribunal directed the Assessing Officer to delete the penalty imposed under section 271B, emphasizing that the appellant's explanation was credible and that the audit report under the Maharashtra Cooperative Societies Act sufficed, given the income exemption under section 80P(2). Subsequent appeals with similar facts and issues were also allowed in favor of the appellant based on this decision. Case-Laws Income Tax Wed, 03 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=414547