https://www.taxtmi.com/caselaws?id=56991 The Tribunal reversed the order of the CIT(A) and allowed the Revenue's appeal regarding the deletion of the penalty under section 271B of the Income-tax Act, 1961. The Tribunal found that there was no reasonable cause for the delay in obtaining the audit report, upheld the validity of the penalty proceedings initiated after the assessment order, and concluded that the penalty was validly imposed within the prescribed time limit. en-us Tue, 29 Dec 1998 00:00:00 +0530 Tue, 07 Dec 2010 16:53:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56991 The Tribunal reversed the order of the CIT(A) and allowed the Revenue's appeal regarding the deletion of the penalty under section 271B of the Income-tax Act, 1961. The Tribunal found that there was no reasonable cause for the delay in obtaining the audit report, upheld the validity of the penalty proceedings initiated after the assessment order, and concluded that the penalty was validly imposed within the prescribed time limit. Case-Laws Income Tax Tue, 29 Dec 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56991