https://www.taxtmi.com/caselaws?id=60062 The Tribunal dismissed the revenue's appeal, upholding the CIT (Appeals)'s decision to delete the penalty imposed under section 271B for non-compliance with section 44AB. The Tribunal found that the assessee had a reasonable cause for the delay in obtaining the audit report, emphasizing that penalty proceedings require proof based on preponderance of probabilities, not beyond reasonable doubt. The Tribunal highlighted the importance of providing a reasonable opportunity for hearing and conducting proper enquiry before imposing penalties. en-us Thu, 28 Nov 1991 00:00:00 +0530 Mon, 03 Jan 2011 15:35:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60062 The Tribunal dismissed the revenue's appeal, upholding the CIT (Appeals)'s decision to delete the penalty imposed under section 271B for non-compliance with section 44AB. The Tribunal found that the assessee had a reasonable cause for the delay in obtaining the audit report, emphasizing that penalty proceedings require proof based on preponderance of probabilities, not beyond reasonable doubt. The Tribunal highlighted the importance of providing a reasonable opportunity for hearing and conducting proper enquiry before imposing penalties. Case-Laws Income Tax Thu, 28 Nov 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60062