https://www.taxtmi.com/caselaws?id=795702 Penalty for delayed furnishing of a tax-audit report under Section 271B is not automatic where Section 273B applies. The article explains that, although Section 44AB requires timely audit and furnishing of the report, penalty cannot be sustained if the taxpayer proves reasonable cause. Penalty proceedings require judicial consideration of whether the breach was deliberate, dishonest, contumacious, or in conscious disregard of the obligation. Where accounts were maintained and audited, the report was uploaded before assessment completion, and delay resulted from the prior auditor's negligence and replacement, the breach was technical, without revenue loss, mala fides, or wilful default. The penalty was therefore cancelled. 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 under Section 271B is not automatic where Section 273B applies. The article explains that, although Section 44AB requires timely audit and furnishing of the report, penalty cannot be sustained if the taxpayer proves reasonable cause. Penalty proceedings require judicial consideration of whether the breach was deliberate, dishonest, contumacious, or in conscious disregard of the obligation. Where accounts were maintained and audited, the report was uploaded before assessment completion, and delay resulted from the prior auditor's negligence and replacement, the breach was technical, without revenue loss, mala fides, or wilful default. The penalty was therefore cancelled. Case-Laws Income Tax Tue, 21 Jul 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=795702