https://www.taxtmi.com/caselaws?id=444233 The ITAT Chennai allowed the appeal, ruling that the penalty under section 271B for the delayed filing of the Tax Audit Report was unjustified. The tribunal noted that the Audit Report was submitted before the assessment was finalized, classifying the delay as a technical breach. Citing legal precedents, including a decision from the Madras HC, the ITAT concluded that penalties should not be imposed when the report is filed prior to the assessment's completion, directing the AO to delete the penalty. en-us Wed, 28 Jun 2023 00:00:00 +0530 Wed, 11 Oct 2023 12:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=444233 The ITAT Chennai allowed the appeal, ruling that the penalty under section 271B for the delayed filing of the Tax Audit Report was unjustified. The tribunal noted that the Audit Report was submitted before the assessment was finalized, classifying the delay as a technical breach. Citing legal precedents, including a decision from the Madras HC, the ITAT concluded that penalties should not be imposed when the report is filed prior to the assessment's completion, directing the AO to delete the penalty. Case-Laws Income Tax Wed, 28 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=444233