https://www.taxtmi.com/caselaws?id=441981 The tribunal found in favor of the appellant, setting aside the penalty under Section 271B of the Income Tax Act. The tribunal concluded that the appellant had a reasonable cause for not getting the accounts audited, considering factors such as ignorance of tax provisions, bona fide belief, technical nature of the mistake, and lack of intentional wrongdoing. The appeal was allowed, and the decision was rendered on 18/08/2023. en-us Fri, 18 Aug 2023 00:00:00 +0530 Tue, 22 Aug 2023 09:11:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=441981 The tribunal found in favor of the appellant, setting aside the penalty under Section 271B of the Income Tax Act. The tribunal concluded that the appellant had a reasonable cause for not getting the accounts audited, considering factors such as ignorance of tax provisions, bona fide belief, technical nature of the mistake, and lack of intentional wrongdoing. The appeal was allowed, and the decision was rendered on 18/08/2023. Case-Laws Income Tax Fri, 18 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=441981