https://www.taxtmi.com/caselaws?id=794162 Penalty under section 271B for failure to obtain and furnish the tax audit report under section 44AB was held unsustainable because the assessee showed reasonable cause under section 273B. The assessee's interest income from bank deposits had consistently been accepted in earlier and subsequent years as income from other sources, and that consistent treatment supported a bona fide belief that section 44AB was not attracted. On those facts, the non-compliance was not deliberate or contumacious, and the penalty was deleted. en-us Thu, 25 Jun 2026 00:00:00 +0530 Wed, 01 Jul 2026 08:47:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=794162 Penalty under section 271B for failure to obtain and furnish the tax audit report under section 44AB was held unsustainable because the assessee showed reasonable cause under section 273B. The assessee's interest income from bank deposits had consistently been accepted in earlier and subsequent years as income from other sources, and that consistent treatment supported a bona fide belief that section 44AB was not attracted. On those facts, the non-compliance was not deliberate or contumacious, and the penalty was deleted. Case-Laws Income Tax Thu, 25 Jun 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=794162