https://www.taxtmi.com/caselaws?id=779399 Belated furnishing of a tax audit report caused by delay in completing the statutory audit process under the Kerala Co-operative Societies Act and Rules may constitute reasonable cause. Where the delay in obtaining audit approval materially aligns with binding jurisdictional precedent, section 273B protects the assessee from penalty under section 271B. The penalty was deleted because the delayed audit-report submission resulted from the statutory audit process rather than an unexplained default. 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 Belated furnishing of a tax audit report caused by delay in completing the statutory audit process under the Kerala Co-operative Societies Act and Rules may constitute reasonable cause. Where the delay in obtaining audit approval materially aligns with binding jurisdictional precedent, section 273B protects the assessee from penalty under section 271B. The penalty was deleted because the delayed audit-report submission resulted from the statutory audit process rather than an unexplained default. Case-Laws Income Tax Tue, 21 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=779399