https://www.taxtmi.com/caselaws?id=423707 The Appellate Tribunal ITAT Pune allowed the appeal of the assessee, setting aside the penalty imposed under section 271B of the Income-tax Act, 1961. The Tribunal found that the reasons for the delay in filing the audit report were beyond the assessee's control, considering practical difficulties faced by the taxpayer. The Tribunal emphasized the importance of assessing reasonable causes for failures under the Act and directed the deletion of the penalty, highlighting the welfare nature of the legislation towards taxpayers. en-us Mon, 06 Jun 2022 00:00:00 +0530 Mon, 13 Jun 2022 08:43:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=423707 The Appellate Tribunal ITAT Pune allowed the appeal of the assessee, setting aside the penalty imposed under section 271B of the Income-tax Act, 1961. The Tribunal found that the reasons for the delay in filing the audit report were beyond the assessee's control, considering practical difficulties faced by the taxpayer. The Tribunal emphasized the importance of assessing reasonable causes for failures under the Act and directed the deletion of the penalty, highlighting the welfare nature of the legislation towards taxpayers. Case-Laws Income Tax Mon, 06 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=423707