https://www.taxtmi.com/caselaws?id=34484 The High Court ruled in favor of the assessee, holding that the penalty imposed under Section 271B of the Income-tax Act was rightly canceled by the Income-tax Appellate Tribunal. The Court emphasized the importance of obtaining and filing audit reports under Section 44AB within the specified date, following the precedent set in a previous case. The judgment clarified that penalties were not applicable if the audit report was obtained within the deadline, even if the return was filed late, leading to the cancellation of the penalty in this case. en-us Thu, 27 Aug 2009 00:00:00 +0530 Fri, 04 Sep 2009 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=34484 The High Court ruled in favor of the assessee, holding that the penalty imposed under Section 271B of the Income-tax Act was rightly canceled by the Income-tax Appellate Tribunal. The Court emphasized the importance of obtaining and filing audit reports under Section 44AB within the specified date, following the precedent set in a previous case. The judgment clarified that penalties were not applicable if the audit report was obtained within the deadline, even if the return was filed late, leading to the cancellation of the penalty in this case. Case-Laws Income Tax Thu, 27 Aug 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=34484