https://www.taxtmi.com/caselaws?id=791411 Penalty for failure to obtain or furnish a tax audit report was held not sustainable where the assessee treated shop-sale receipts as capital gains on a bona fide view that the transactions were investment in nature. The character of the receipts was a debatable issue, and that reasonable, consistent position was treated as sufficient cause for non-compliance with the audit requirement. Section 273B was applied to protect the assessee from penalty under section 271B, and the absence of any distinguishing feature from the earlier year, in which identical penalty had been deleted, reinforced the result. en-us Fri, 08 May 2026 00:00:00 +0530 Mon, 11 May 2026 09:50:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=791411 Penalty for failure to obtain or furnish a tax audit report was held not sustainable where the assessee treated shop-sale receipts as capital gains on a bona fide view that the transactions were investment in nature. The character of the receipts was a debatable issue, and that reasonable, consistent position was treated as sufficient cause for non-compliance with the audit requirement. Section 273B was applied to protect the assessee from penalty under section 271B, and the absence of any distinguishing feature from the earlier year, in which identical penalty had been deleted, reinforced the result. Case-Laws Income Tax Fri, 08 May 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=791411