https://www.taxtmi.com/caselaws?id=434120 The Appellate Tribunal ruled in favor of the appellant, a business dealing in gold ornaments and jewelry, in a case concerning the levy of a penalty under section 271B for delay in submitting a tax audit report for the assessment year 2016-17. Despite missing the specific filing date, the Tribunal considered the delay a technical breach as the purpose of section 44AB was met with the correct determination of taxable income. The penalty of Rs. 1,50,000 was directed to be deleted, and the appellant's appeal was allowed. en-us Fri, 03 Feb 2023 00:00:00 +0530 Fri, 17 Feb 2023 09:11:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=434120 The Appellate Tribunal ruled in favor of the appellant, a business dealing in gold ornaments and jewelry, in a case concerning the levy of a penalty under section 271B for delay in submitting a tax audit report for the assessment year 2016-17. Despite missing the specific filing date, the Tribunal considered the delay a technical breach as the purpose of section 44AB was met with the correct determination of taxable income. The penalty of Rs. 1,50,000 was directed to be deleted, and the appellant's appeal was allowed. Case-Laws Income Tax Fri, 03 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=434120