https://www.taxtmi.com/caselaws?id=56841 The Tribunal ruled in favor of the assessee, canceling the penalty of Rs. 25,324 imposed under section 271B for delay in obtaining and filing an audit report under section 44AB. It was held that there was no default in obtaining the audit report by the specified date, the return was filed under section 139(4), not 139(1), and there was no obligation to file the audit report separately if the return was delayed. The interpretation of "before the specified date" as "by the specified date" was deemed reasonable, leading to the allowance of the assessee's appeal. en-us Mon, 23 Dec 1996 00:00:00 +0530 Mon, 06 Dec 2010 19:05:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56841 The Tribunal ruled in favor of the assessee, canceling the penalty of Rs. 25,324 imposed under section 271B for delay in obtaining and filing an audit report under section 44AB. It was held that there was no default in obtaining the audit report by the specified date, the return was filed under section 139(4), not 139(1), and there was no obligation to file the audit report separately if the return was delayed. The interpretation of "before the specified date" as "by the specified date" was deemed reasonable, leading to the allowance of the assessee's appeal. Case-Laws Income Tax Mon, 23 Dec 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56841