https://www.taxtmi.com/caselaws?id=34372 The High Court ruled in favor of the assessee, holding that the penalty imposed under Section 271B of the Income-tax Act was correctly canceled. The Court relied on precedent, stating that if the audit report is obtained within the specified date, the penalty does not apply even if the return is filed late. The judgment clarified the law on penalties under Section 271B when the audit report is timely but the return filing is delayed. en-us Tue, 18 Aug 2009 00:00:00 +0530 Mon, 24 Aug 2009 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=34372 The High Court ruled in favor of the assessee, holding that the penalty imposed under Section 271B of the Income-tax Act was correctly canceled. The Court relied on precedent, stating that if the audit report is obtained within the specified date, the penalty does not apply even if the return is filed late. The judgment clarified the law on penalties under Section 271B when the audit report is timely but the return filing is delayed. Case-Laws Income Tax Tue, 18 Aug 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=34372