https://www.taxtmi.com/caselaws?id=434338 The tribunal allowed the assessee's appeal, ruling that the penalty under Section 271B of the Income Tax Act, 1961, was unjustified. The tribunal found that the delay in filing the audit report was due to a bona fide reason of computer data crash, leading to rewriting the accounts. Emphasizing the assessee's voluntary compliance and genuine reasons for the delay, the tribunal directed the assessing officer to delete the penalty of Rs. 1,50,000 imposed. en-us Mon, 20 Feb 2023 00:00:00 +0530 Tue, 21 Feb 2023 20:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=434338 The tribunal allowed the assessee's appeal, ruling that the penalty under Section 271B of the Income Tax Act, 1961, was unjustified. The tribunal found that the delay in filing the audit report was due to a bona fide reason of computer data crash, leading to rewriting the accounts. Emphasizing the assessee's voluntary compliance and genuine reasons for the delay, the tribunal directed the assessing officer to delete the penalty of Rs. 1,50,000 imposed. Case-Laws Income Tax Mon, 20 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=434338