https://www.taxtmi.com/caselaws?id=34374 The High Court of Allahabad ruled in favor of the assessee, holding that the penalty imposed under Section 271-B of the Income-tax Act, 1961 was rightfully deleted. The court relied on precedent indicating that if the audit report was obtained within the specified date, even if the return was filed late, the penalty was not applicable. Consequently, the court upheld the decision to cancel the penalty, emphasizing that no costs would be awarded in this matter. en-us Tue, 18 Aug 2009 00:00:00 +0530 Sun, 08 May 2011 14:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=34374 The High Court of Allahabad ruled in favor of the assessee, holding that the penalty imposed under Section 271-B of the Income-tax Act, 1961 was rightfully deleted. The court relied on precedent indicating that if the audit report was obtained within the specified date, even if the return was filed late, the penalty was not applicable. Consequently, the court upheld the decision to cancel the penalty, emphasizing that no costs would be awarded in this matter. Case-Laws Income Tax Tue, 18 Aug 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=34374