https://www.taxtmi.com/caselaws?id=35306 The Court clarified that gross receipts should be considered for determining audit requirements under Section 44AB of the Income Tax Act, 1961. The penalty under Section 271B for failure to file an audit report was canceled as the Assessee had a reasonable cause based on legal opinions and interpretation of provisions. The Court upheld the decision, stating that the Assessee's belief constituted a reasonable cause for the failure, leading to the dismissal of the appeal in favor of the Assessee with no order as to costs. en-us Wed, 04 Mar 2009 00:00:00 +0530 Sat, 02 Feb 2013 10:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35306 The Court clarified that gross receipts should be considered for determining audit requirements under Section 44AB of the Income Tax Act, 1961. The penalty under Section 271B for failure to file an audit report was canceled as the Assessee had a reasonable cause based on legal opinions and interpretation of provisions. The Court upheld the decision, stating that the Assessee's belief constituted a reasonable cause for the failure, leading to the dismissal of the appeal in favor of the Assessee with no order as to costs. Case-Laws Income Tax Wed, 04 Mar 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35306