https://www.taxtmi.com/caselaws?id=56875 The Tribunal upheld the penalty of Rs. 1,00,000 under Section 271B for non-compliance with Section 44AB, deeming the penalty justified due to the assessee's failure to get accounts audited on time. The Tribunal found the penalty neither excessive nor illegal, clarifying that penalty proceedings are independent of assessment proceedings. The plea of reasonable cause for non-compliance was rejected, and the Tribunal deemed the show-cause notice valid. The penalty order was considered timely, and the Tribunal upheld the penalty, dismissing the assessee's appeal. en-us Thu, 24 Dec 1998 00:00:00 +0530 Tue, 07 Dec 2010 12:09:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56875 The Tribunal upheld the penalty of Rs. 1,00,000 under Section 271B for non-compliance with Section 44AB, deeming the penalty justified due to the assessee's failure to get accounts audited on time. The Tribunal found the penalty neither excessive nor illegal, clarifying that penalty proceedings are independent of assessment proceedings. The plea of reasonable cause for non-compliance was rejected, and the Tribunal deemed the show-cause notice valid. The penalty order was considered timely, and the Tribunal upheld the penalty, dismissing the assessee's appeal. Case-Laws Income Tax Thu, 24 Dec 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56875