https://www.taxtmi.com/caselaws?id=779399 Penalty under section 271B was stated to be inapplicable where the tax audit report was filed late because the statutory audit process under the Kerala Co-operative Societies Act and Rules was delayed. The note treats the facts as materially similar to binding jurisdictional precedent and applies section 273B, under which reasonable cause protects the assessee from penalty. On that basis, the delay in obtaining audit approval was regarded as sufficient cause and the penalty under section 271B was deleted in favour of the assessee. en-us Tue, 21 Jan 2025 00:00:00 +0530 Mon, 06 Oct 2025 09:10:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=779399 Penalty under section 271B was stated to be inapplicable where the tax audit report was filed late because the statutory audit process under the Kerala Co-operative Societies Act and Rules was delayed. The note treats the facts as materially similar to binding jurisdictional precedent and applies section 273B, under which reasonable cause protects the assessee from penalty. On that basis, the delay in obtaining audit approval was regarded as sufficient cause and the penalty under section 271B was deleted in favour of the assessee. Case-Laws Income Tax Tue, 21 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=779399