https://www.taxtmi.com/caselaws?id=762286 Penalty under Section 271B for delayed furnishing of the Section 44AB audit report was held unsustainable where the audit reports were filed before assessment completion and were used in finalising the assessments. The co-operative society assessees had no effective control over the statutory auditors' timing, and no material showed any fault on their part. As the delay caused no prejudice to the Revenue, Section 273B applied because reasonable cause was established. The penalty provision was therefore not to be applied mechanically for mere delay, and the Board's circular also supported non-imposition of penalty in such circumstances. en-us Fri, 22 Nov 2024 00:00:00 +0530 Tue, 26 Nov 2024 15:10:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762286 Penalty under Section 271B for delayed furnishing of the Section 44AB audit report was held unsustainable where the audit reports were filed before assessment completion and were used in finalising the assessments. The co-operative society assessees had no effective control over the statutory auditors' timing, and no material showed any fault on their part. As the delay caused no prejudice to the Revenue, Section 273B applied because reasonable cause was established. The penalty provision was therefore not to be applied mechanically for mere delay, and the Board's circular also supported non-imposition of penalty in such circumstances. Case-Laws Income Tax Fri, 22 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762286