https://www.taxtmi.com/caselaws?id=788521 Income was estimated on the basis of turnover where books were not produced, but the Tribunal held that the higher profit rates adopted below were unsupported by comparable material and reduced the net profit rate to 4% of declared turnover. Penalty under section 271B was cancelled because the delay in filing the audit report was supported by reasonable cause, including reliance on a tax consultant, limited technical ability, and related turnover computation errors. Penalties for repeated non-compliance under section 271(1)(b) / section 272A(1)(d) were also cancelled because the same factual reasons applied and no distinct basis justified sustaining the remaining levies. en-us Fri, 20 Mar 2026 00:00:00 +0530 Tue, 24 Mar 2026 08:12:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=788521 Income was estimated on the basis of turnover where books were not produced, but the Tribunal held that the higher profit rates adopted below were unsupported by comparable material and reduced the net profit rate to 4% of declared turnover. Penalty under section 271B was cancelled because the delay in filing the audit report was supported by reasonable cause, including reliance on a tax consultant, limited technical ability, and related turnover computation errors. Penalties for repeated non-compliance under section 271(1)(b) / section 272A(1)(d) were also cancelled because the same factual reasons applied and no distinct basis justified sustaining the remaining levies. Case-Laws Income Tax Fri, 20 Mar 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=788521