https://www.taxtmi.com/caselaws?id=55155 The Tribunal canceled the penalty imposed under section 271B of the IT Act, 1961 on the assessee for failure to furnish audited accounts before the due date. The Tribunal found that the failure to submit the audit report on time was a technical/default, as the income was disclosed correctly under section 44AD, and the audited accounts were not used to determine income. The genuine belief of the assessee's counsel that audited accounts were unnecessary constituted reasonable cause, leading to the cancellation of the penalty and allowing the assessee's appeal. en-us Fri, 02 Dec 2005 00:00:00 +0530 Sun, 06 Feb 2011 03:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55155 The Tribunal canceled the penalty imposed under section 271B of the IT Act, 1961 on the assessee for failure to furnish audited accounts before the due date. The Tribunal found that the failure to submit the audit report on time was a technical/default, as the income was disclosed correctly under section 44AD, and the audited accounts were not used to determine income. The genuine belief of the assessee's counsel that audited accounts were unnecessary constituted reasonable cause, leading to the cancellation of the penalty and allowing the assessee's appeal. Case-Laws Income Tax Fri, 02 Dec 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55155