https://www.taxtmi.com/caselaws?id=754250 The appellate tribunal allowed the appeal, setting aside the penalty of Rs. 1,50,000/- imposed under section 271B of the Income Tax Act. The tribunal concluded that the penalty was unwarranted, as the appellant had obtained the required tax audit report and filed the e-return on time. The tribunal determined that the penalty was based on incorrect premises, specifically an inadvertent error in filling audit details, and ordered its deletion. The decision of the appellate authority to sustain the penalty was found to be incorrect and was overturned. en-us Thu, 11 Jan 2024 00:00:00 +0530 Thu, 20 Jun 2024 13:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754250 The appellate tribunal allowed the appeal, setting aside the penalty of Rs. 1,50,000/- imposed under section 271B of the Income Tax Act. The tribunal concluded that the penalty was unwarranted, as the appellant had obtained the required tax audit report and filed the e-return on time. The tribunal determined that the penalty was based on incorrect premises, specifically an inadvertent error in filling audit details, and ordered its deletion. The decision of the appellate authority to sustain the penalty was found to be incorrect and was overturned. Case-Laws Income Tax Thu, 11 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754250