https://www.taxtmi.com/caselaws?id=428793 The ITAT allowed the appeal against the penalty u/s. 271B imposed on the appellant for failure to audit accounts under section 44AB of the Income Tax Act, 1961. The ITAT found that the appellant had presented a reasonable cause for non-compliance, which was unjustly disregarded by the Lower Authorities. Consequently, the ITAT exercised its discretion and deleted the penalty, emphasizing the discretionary nature of penalty imposition based on reasonable cause. The appeal was allowed in favor of the appellant on 07-10-2022. en-us Fri, 07 Oct 2022 00:00:00 +0530 Tue, 11 Oct 2022 10:20:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=428793 The ITAT allowed the appeal against the penalty u/s. 271B imposed on the appellant for failure to audit accounts under section 44AB of the Income Tax Act, 1961. The ITAT found that the appellant had presented a reasonable cause for non-compliance, which was unjustly disregarded by the Lower Authorities. Consequently, the ITAT exercised its discretion and deleted the penalty, emphasizing the discretionary nature of penalty imposition based on reasonable cause. The appeal was allowed in favor of the appellant on 07-10-2022. Case-Laws Income Tax Fri, 07 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=428793