https://www.taxtmi.com/caselaws?id=472301 Penalty for failure to obtain an audit under Section 44AB cannot be sustained where the assessee proves reasonable cause under Section 273B. Dependence on a person responsible for business and regulatory compliance, that person's death, and the assessee's disability and resulting inability to manage the business showed that the default was neither deliberate nor lacking in bona fides. These circumstances constituted reasonable cause, making the penalty for audit non-compliance unsustainable. en-us Mon, 21 Apr 2025 00:00:00 +0530 Wed, 07 Oct 2026 13:42:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=472301 Penalty for failure to obtain an audit under Section 44AB cannot be sustained where the assessee proves reasonable cause under Section 273B. Dependence on a person responsible for business and regulatory compliance, that person's death, and the assessee's disability and resulting inability to manage the business showed that the default was neither deliberate nor lacking in bona fides. These circumstances constituted reasonable cause, making the penalty for audit non-compliance unsustainable. Case-Laws Income Tax Mon, 21 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=472301