https://www.taxtmi.com/caselaws?id=450646 The Tribunal allowed the appeal of the assessee, overturning the penalty of Rs. 1,50,000 imposed under section 271B of the Income Tax Act, 1961, for the Assessment Year 2013-14. The Tribunal found a reasonable cause for the delay in filing the Tax Audit Report, concluding that the penalty was not justified. Consequently, the penalty was vacated, and the assessee was relieved from the penalty obligation. en-us Thu, 07 Mar 2024 00:00:00 +0530 Sat, 09 Mar 2024 13:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450646 The Tribunal allowed the appeal of the assessee, overturning the penalty of Rs. 1,50,000 imposed under section 271B of the Income Tax Act, 1961, for the Assessment Year 2013-14. The Tribunal found a reasonable cause for the delay in filing the Tax Audit Report, concluding that the penalty was not justified. Consequently, the penalty was vacated, and the assessee was relieved from the penalty obligation. Case-Laws Income Tax Thu, 07 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450646