https://www.taxtmi.com/caselaws?id=34375 The High Court of Allahabad ruled in favor of the assessee, holding that the penalty of Rs.1,00,000/- imposed under Section 271B of the Income-tax Act, 1961 for delayed submission of audit report and return was rightfully canceled. The Court emphasized that as long as the audit report was obtained within the specified date, even if the return was filed late, the penalty under Section 271B was not applicable. The decision was based on a precedent establishing that the penalty was not warranted in such circumstances, resulting in the cancellation of the penalty without imposing any costs on the assessee. 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=34375 The High Court of Allahabad ruled in favor of the assessee, holding that the penalty of Rs.1,00,000/- imposed under Section 271B of the Income-tax Act, 1961 for delayed submission of audit report and return was rightfully canceled. The Court emphasized that as long as the audit report was obtained within the specified date, even if the return was filed late, the penalty under Section 271B was not applicable. The decision was based on a precedent establishing that the penalty was not warranted in such circumstances, resulting in the cancellation of the penalty without imposing any costs on the assessee. Case-Laws Income Tax Tue, 18 Aug 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=34375