https://www.taxtmi.com/caselaws?id=59930 The majority decision, supported by the Third Member, upheld the CIT(A)'s order vacating the penalty imposed by the Assessing Officer under Section 271B of the Income-tax Act, 1961. The appeal by the revenue was dismissed, and the penalty of Rs. 1,00,000 was not reinstated, as the delay in obtaining the final audit report was considered to have a reasonable cause under Section 273B. en-us Tue, 31 Dec 1996 00:00:00 +0530 Thu, 20 Jun 2013 14:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59930 The majority decision, supported by the Third Member, upheld the CIT(A)'s order vacating the penalty imposed by the Assessing Officer under Section 271B of the Income-tax Act, 1961. The appeal by the revenue was dismissed, and the penalty of Rs. 1,00,000 was not reinstated, as the delay in obtaining the final audit report was considered to have a reasonable cause under Section 273B. Case-Laws Income Tax Tue, 31 Dec 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59930