https://www.taxtmi.com/caselaws?id=441937 The Tribunal ruled in favor of the assessee in the appeals regarding the levy of penalty under section 271B of the Income Tax Act, noting a reasonable cause for the delay in appointing statutory auditors. The penalty was deemed unjustified, and the AO was directed to verify the appointment dates. Regarding the disallowance under section 80P, the Tribunal allowed deductions for interest income from cooperative banks, remanded the paddy procurement business issue for further assessment, restricted the deduction for surplus from the PDS business, and allowed the deduction for dividend income from shares of a cooperative bank. Delays in filing were excused, and the appeals were partially allowed for statistical purposes. en-us Wed, 16 Aug 2023 00:00:00 +0530 Mon, 21 Aug 2023 08:30:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=441937 The Tribunal ruled in favor of the assessee in the appeals regarding the levy of penalty under section 271B of the Income Tax Act, noting a reasonable cause for the delay in appointing statutory auditors. The penalty was deemed unjustified, and the AO was directed to verify the appointment dates. Regarding the disallowance under section 80P, the Tribunal allowed deductions for interest income from cooperative banks, remanded the paddy procurement business issue for further assessment, restricted the deduction for surplus from the PDS business, and allowed the deduction for dividend income from shares of a cooperative bank. Delays in filing were excused, and the appeals were partially allowed for statistical purposes. Case-Laws Income Tax Wed, 16 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=441937