https://www.taxtmi.com/caselaws?id=55004 The Tribunal upheld the Commissioner of Income Tax (Appeals) decision to delete the penalty imposed under section 271B of the Income Tax Act. The Tribunal agreed that the penalty was not applicable as the audit report was obtained within the specified time under section 44AB, even though it was not filed within the time allowed under section 139(1). The Tribunal emphasized that the obligation under section 44AB was limited to getting the accounts audited and obtaining the audit report before the specified date, without the necessity to furnish the report before the Assessing Officer by that date. The appeal by the Revenue Department was dismissed. en-us Fri, 12 Apr 2002 00:00:00 +0530 Tue, 23 Nov 2010 16:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55004 The Tribunal upheld the Commissioner of Income Tax (Appeals) decision to delete the penalty imposed under section 271B of the Income Tax Act. The Tribunal agreed that the penalty was not applicable as the audit report was obtained within the specified time under section 44AB, even though it was not filed within the time allowed under section 139(1). The Tribunal emphasized that the obligation under section 44AB was limited to getting the accounts audited and obtaining the audit report before the specified date, without the necessity to furnish the report before the Assessing Officer by that date. The appeal by the Revenue Department was dismissed. Case-Laws Income Tax Fri, 12 Apr 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55004