https://www.taxtmi.com/caselaws?id=797703 Tax-audit penalty under section 271B is not sustainable where the audit is completed within the prescribed period and the audit report is made available during assessment proceedings. Section 44AB requires the assessee to obtain the report by the specified date, while section 271B permits rather than mandates a penalty. Section 273B further protects an assessee who establishes reasonable cause. Mere failure to furnish the report with the return does not by itself establish non-compliance with section 44AB when the report was available to the lower authorities before assessment was completed. en-us Wed, 19 Aug 2026 00:00:00 +0530 Wed, 26 Aug 2026 08:27:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=797703 Tax-audit penalty under section 271B is not sustainable where the audit is completed within the prescribed period and the audit report is made available during assessment proceedings. Section 44AB requires the assessee to obtain the report by the specified date, while section 271B permits rather than mandates a penalty. Section 273B further protects an assessee who establishes reasonable cause. Mere failure to furnish the report with the return does not by itself establish non-compliance with section 44AB when the report was available to the lower authorities before assessment was completed. Case-Laws Income Tax Wed, 19 Aug 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=797703