https://www.taxtmi.com/caselaws?id=55071 The Tribunal concluded that the penalty under section 271B should not have been levied as the failure to file audit reports was due to a reasonable cause and a technical default. The appeals were allowed, emphasizing that the co-operative bank's belief that section 44AB did not apply to them was reasonable, supported by relevant precedents and circulars. The Tribunal also noted that the Assessing Officer should have provided an opportunity to rectify the defect under section 139(9), further supporting the decision to overturn the penalties. en-us Wed, 02 Sep 1998 00:00:00 +0530 Sun, 06 Feb 2011 03:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55071 The Tribunal concluded that the penalty under section 271B should not have been levied as the failure to file audit reports was due to a reasonable cause and a technical default. The appeals were allowed, emphasizing that the co-operative bank's belief that section 44AB did not apply to them was reasonable, supported by relevant precedents and circulars. The Tribunal also noted that the Assessing Officer should have provided an opportunity to rectify the defect under section 139(9), further supporting the decision to overturn the penalties. Case-Laws Income Tax Wed, 02 Sep 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55071