https://www.taxtmi.com/caselaws?id=306970 The High Court ruled in favor of the assessee, holding that penalty under section 271B of the Income Tax Act could not be imposed due to the timely audit report submission, despite the delay in filing the return of income. The Court referred to precedent establishing that if the accounts were audited before the specified date, no penalty could be levied under section 271B. The Tribunal's decision to cancel the penalty was upheld, emphasizing that the amendment to the Act removed the requirement of "without reasonable cause" for imposing penalties in such cases. en-us Wed, 23 Mar 2005 00:00:00 +0530 Fri, 10 Mar 2023 14:30:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=306970 The High Court ruled in favor of the assessee, holding that penalty under section 271B of the Income Tax Act could not be imposed due to the timely audit report submission, despite the delay in filing the return of income. The Court referred to precedent establishing that if the accounts were audited before the specified date, no penalty could be levied under section 271B. The Tribunal's decision to cancel the penalty was upheld, emphasizing that the amendment to the Act removed the requirement of "without reasonable cause" for imposing penalties in such cases. Case-Laws Income Tax Wed, 23 Mar 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=306970