https://www.taxtmi.com/caselaws?id=57574 The Tribunal held that penalties under section 271B were not applicable as the assessee had a reasonable cause for the delay in compliance and that section 271B does not penalize belated compliance but only absolute failure to comply. The appeals were allowed, and penalties for three years were canceled. en-us Thu, 03 Feb 1994 00:00:00 +0530 Fri, 10 Dec 2010 18:24:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57574 The Tribunal held that penalties under section 271B were not applicable as the assessee had a reasonable cause for the delay in compliance and that section 271B does not penalize belated compliance but only absolute failure to comply. The appeals were allowed, and penalties for three years were canceled. Case-Laws Income Tax Thu, 03 Feb 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57574