https://www.taxtmi.com/caselaws?id=471059 Penalty for failure to obtain a tax audit is discretionary and cannot be imposed where reasonable cause is established. An educational trust not carrying on business could bona fide believe that a tax audit was not required, particularly where the default was neither mala fide nor wanton. Section 273B therefore protected the trust from penalty under section 271B. Further, because the revision order forming the basis for the consequential assessment and penalty proceedings had been quashed, proceedings founded on that order could not survive. The penalty was consequently unsustainable and liable to deletion. en-us Fri, 01 Mar 2024 00:00:00 +0530 Wed, 19 Aug 2026 18:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=471059 Penalty for failure to obtain a tax audit is discretionary and cannot be imposed where reasonable cause is established. An educational trust not carrying on business could bona fide believe that a tax audit was not required, particularly where the default was neither mala fide nor wanton. Section 273B therefore protected the trust from penalty under section 271B. Further, because the revision order forming the basis for the consequential assessment and penalty proceedings had been quashed, proceedings founded on that order could not survive. The penalty was consequently unsustainable and liable to deletion. Case-Laws Income Tax Fri, 01 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=471059