https://www.taxtmi.com/caselaws?id=795702 Penalty for delayed furnishing of a tax-audit report is not automatic where the assessee establishes reasonable cause under Section 273B. Section 44AB requires timely audit and furnishing of the report, while Section 271B prescribes penalty for non-compliance; however, the authority must assess whether the default was deliberate, dishonest, contumacious, or in conscious disregard of the obligation. Where accounts were maintained and audited, the report was uploaded before completion of assessment, and delay resulted from the prior auditor's negligence and replacement, the breach remained technical, without revenue loss, mala fides, or wilful default. Penalty under Section 271B was therefore not sustainable. en-us Tue, 21 Jul 2026 00:00:00 +0530 Sat, 25 Jul 2026 08:54:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=795702 Penalty for delayed furnishing of a tax-audit report is not automatic where the assessee establishes reasonable cause under Section 273B. Section 44AB requires timely audit and furnishing of the report, while Section 271B prescribes penalty for non-compliance; however, the authority must assess whether the default was deliberate, dishonest, contumacious, or in conscious disregard of the obligation. Where accounts were maintained and audited, the report was uploaded before completion of assessment, and delay resulted from the prior auditor's negligence and replacement, the breach remained technical, without revenue loss, mala fides, or wilful default. Penalty under Section 271B was therefore not sustainable. Case-Laws Income Tax Tue, 21 Jul 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=795702