https://www.taxtmi.com/caselaws?id=756403 ITAT Ahmedabad allowed the assessee's appeal against penalty u/s 271B for delayed filing of Tax Audit Report u/s 44AB. The delay was caused by disputes between the Board of Directors and a Government nominee director regarding interim dividend payment, which delayed statutory audit finalization. ITAT held that since the Tax Audit Report could only be prepared after audited accounts were finalized, the assessee had reasonable cause for delay. The tribunal found no merit in AO and CIT(A)'s reasoning that the assessee's failure to obtain prior approval constituted unreasonable cause. The penalty was deleted. en-us Tue, 30 Jul 2024 00:00:00 +0530 Fri, 02 Aug 2024 08:12:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756403 ITAT Ahmedabad allowed the assessee's appeal against penalty u/s 271B for delayed filing of Tax Audit Report u/s 44AB. The delay was caused by disputes between the Board of Directors and a Government nominee director regarding interim dividend payment, which delayed statutory audit finalization. ITAT held that since the Tax Audit Report could only be prepared after audited accounts were finalized, the assessee had reasonable cause for delay. The tribunal found no merit in AO and CIT(A)'s reasoning that the assessee's failure to obtain prior approval constituted unreasonable cause. The penalty was deleted. Case-Laws Income Tax Tue, 30 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756403