https://www.taxtmi.com/caselaws?id=419672 The tribunal set aside the penalty imposed on the assessee under section 271BA of the Income Tax Act for failure to file the audit report in Form 3CEB, related to specified domestic transactions. The tribunal ruled in favor of the assessee, citing the unintentional and bona fide nature of the mistake due to ignorance of the law changes. Emphasizing the discretionary nature of the penalty and the reasonable cause exemption under Section 273B, the tribunal quashed the penalty order, allowing the appeal. en-us Mon, 28 Feb 2022 00:00:00 +0530 Wed, 16 Mar 2022 13:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=419672 The tribunal set aside the penalty imposed on the assessee under section 271BA of the Income Tax Act for failure to file the audit report in Form 3CEB, related to specified domestic transactions. The tribunal ruled in favor of the assessee, citing the unintentional and bona fide nature of the mistake due to ignorance of the law changes. Emphasizing the discretionary nature of the penalty and the reasonable cause exemption under Section 273B, the tribunal quashed the penalty order, allowing the appeal. Case-Laws Income Tax Mon, 28 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=419672