https://www.taxtmi.com/caselaws?id=771375 The SC/Tribunal addressed penalty imposition under section 271B of Income Tax Act for delayed audit report submission. Considering the accountant's serious illness and medical evidence, the Tribunal held that the delay was due to reasonable cause. Since the audit report was submitted before assessment completion, the penalty was deleted, emphasizing that genuine operational difficulties can exempt penalty when timely compliance is substantially achieved. en-us Wed, 14 May 2025 00:00:00 +0530 Sat, 24 May 2025 09:00:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=771375 The SC/Tribunal addressed penalty imposition under section 271B of Income Tax Act for delayed audit report submission. Considering the accountant's serious illness and medical evidence, the Tribunal held that the delay was due to reasonable cause. Since the audit report was submitted before assessment completion, the penalty was deleted, emphasizing that genuine operational difficulties can exempt penalty when timely compliance is substantially achieved. Case-Laws Income Tax Wed, 14 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=771375