https://www.taxtmi.com/caselaws?id=57744 The appellate tribunal overturned the penalty imposed under section 271B on the assessee for failing to file an audit report along with the return of income within the due date. The tribunal accepted the assessee's explanation that unforeseen events beyond their control, such as communal riots and family illness, prevented timely submission despite the audit report being ready. Emphasizing the concept of a "reasonable cause," the tribunal found valid reasons for the delay and canceled the penalty, ruling in favor of the assessee. en-us Wed, 05 Oct 1994 00:00:00 +0530 Mon, 13 Dec 2010 12:18:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57744 The appellate tribunal overturned the penalty imposed under section 271B on the assessee for failing to file an audit report along with the return of income within the due date. The tribunal accepted the assessee's explanation that unforeseen events beyond their control, such as communal riots and family illness, prevented timely submission despite the audit report being ready. Emphasizing the concept of a "reasonable cause," the tribunal found valid reasons for the delay and canceled the penalty, ruling in favor of the assessee. Case-Laws Income Tax Wed, 05 Oct 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57744