https://www.taxtmi.com/caselaws?id=57078 The Tribunal held that no penalty under section 271B of the IT Act, 1961 was justified as the audit report was obtained before the specified date and filed along with the belated return under section 139(4). The Tribunal emphasized that in such cases, no penalty could be imposed. Consequently, the Tribunal canceled the penalty of Rs. 1 lac imposed on the assessee, allowing the appeal in favor of the assessee. en-us Fri, 28 Apr 2000 00:00:00 +0530 Wed, 08 Dec 2010 13:11:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57078 The Tribunal held that no penalty under section 271B of the IT Act, 1961 was justified as the audit report was obtained before the specified date and filed along with the belated return under section 139(4). The Tribunal emphasized that in such cases, no penalty could be imposed. Consequently, the Tribunal canceled the penalty of Rs. 1 lac imposed on the assessee, allowing the appeal in favor of the assessee. Case-Laws Income Tax Fri, 28 Apr 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57078