https://www.taxtmi.com/caselaws?id=57467 The Appellate Tribunal ITAT Bangalore heard two appeals regarding penalty under section 271B of the Income-tax Act for late filing of returns with audit reports under section 44AB. Despite delayed filing, as audit reports were obtained and filed with the returns, the Tribunal found the penalty unjustified, emphasizing the importance of proper audits for tax accuracy. Citing a Supreme Court case, the penalties under section 271B were canceled, allowing both appeals. en-us Tue, 09 Feb 1993 00:00:00 +0530 Fri, 10 Dec 2010 12:55:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57467 The Appellate Tribunal ITAT Bangalore heard two appeals regarding penalty under section 271B of the Income-tax Act for late filing of returns with audit reports under section 44AB. Despite delayed filing, as audit reports were obtained and filed with the returns, the Tribunal found the penalty unjustified, emphasizing the importance of proper audits for tax accuracy. Citing a Supreme Court case, the penalties under section 271B were canceled, allowing both appeals. Case-Laws Income Tax Tue, 09 Feb 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57467