https://www.taxtmi.com/caselaws?id=310942 The Tribunal condoned a one-day delay in filing the appeal, finding sufficient cause for the delay. It ruled in favor of the assessee regarding the penalty under section 271B of the Income Tax Act. The penalty was initially imposed for not auditing the books under section 44AB. The Tribunal accepted the assessee's argument that the cash deposits were not sales turnover but collected on behalf of a Telecom company, with income derived from commission. Citing Section 273B, the Tribunal found a reasonable cause for the failure and deleted the penalty, allowing the appeal. en-us Thu, 23 Feb 2023 00:00:00 +0530 Tue, 28 Nov 2023 06:09:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310942 The Tribunal condoned a one-day delay in filing the appeal, finding sufficient cause for the delay. It ruled in favor of the assessee regarding the penalty under section 271B of the Income Tax Act. The penalty was initially imposed for not auditing the books under section 44AB. The Tribunal accepted the assessee's argument that the cash deposits were not sales turnover but collected on behalf of a Telecom company, with income derived from commission. Citing Section 273B, the Tribunal found a reasonable cause for the failure and deleted the penalty, allowing the appeal. Case-Laws Income Tax Thu, 23 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310942