https://www.taxtmi.com/caselaws?id=54999 The ITAT ruled in favor of the assessee, canceling the penalty imposed under section 271B of the IT Act. The tribunal found that the submission of an audit report in Form No. 3CD without the audited balance sheet, trading account, and P&L account did not constitute a default warranting penalty. As the audited documents were later provided during assessment, fulfilling the requirements of section 139(9), the penalty was deemed unjustified. The decision of the CIT(A) upholding the penalty was set aside, allowing the appeal of the assessee. en-us Thu, 24 Jun 2004 00:00:00 +0530 Mon, 22 Nov 2010 12:09:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=54999 The ITAT ruled in favor of the assessee, canceling the penalty imposed under section 271B of the IT Act. The tribunal found that the submission of an audit report in Form No. 3CD without the audited balance sheet, trading account, and P&L account did not constitute a default warranting penalty. As the audited documents were later provided during assessment, fulfilling the requirements of section 139(9), the penalty was deemed unjustified. The decision of the CIT(A) upholding the penalty was set aside, allowing the appeal of the assessee. Case-Laws Income Tax Thu, 24 Jun 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=54999