https://www.taxtmi.com/caselaws?id=436105 The Appellate Tribunal allowed the assessee's appeal, directing the Assessing Officer to delete the penalty imposed under section 271B of the Income Tax Act. The Tribunal emphasized that penalties should be for deliberate non-compliance and not for technical breaches, especially when the taxpayer acted in good faith. Considering the genuine reasons for the delay in submitting the tax audit report, the Tribunal found the penalty unwarranted and ruled in favor of the assessee. en-us Tue, 31 Jan 2023 00:00:00 +0530 Wed, 05 Apr 2023 08:57:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=436105 The Appellate Tribunal allowed the assessee's appeal, directing the Assessing Officer to delete the penalty imposed under section 271B of the Income Tax Act. The Tribunal emphasized that penalties should be for deliberate non-compliance and not for technical breaches, especially when the taxpayer acted in good faith. Considering the genuine reasons for the delay in submitting the tax audit report, the Tribunal found the penalty unwarranted and ruled in favor of the assessee. Case-Laws Income Tax Tue, 31 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=436105