https://www.taxtmi.com/caselaws?id=60953 The Tribunal upheld the CIT(A)'s decision to cancel the penalty of Rs. 1 lakh under section 271B of the Income-tax Act. The Tribunal found that the delay in appointing statutory auditors by the CAG constituted a reasonable cause for the assessee's failure to comply with section 44AB. It was determined that the Government Corporation was not obligated to appoint private auditors in such circumstances, and the assessee had made efforts to comply by appointing private auditors and filing the audit report on time. The appeal by the Department was dismissed. en-us Mon, 24 Jan 2000 00:00:00 +0530 Mon, 10 Jan 2011 11:22:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60953 The Tribunal upheld the CIT(A)'s decision to cancel the penalty of Rs. 1 lakh under section 271B of the Income-tax Act. The Tribunal found that the delay in appointing statutory auditors by the CAG constituted a reasonable cause for the assessee's failure to comply with section 44AB. It was determined that the Government Corporation was not obligated to appoint private auditors in such circumstances, and the assessee had made efforts to comply by appointing private auditors and filing the audit report on time. The appeal by the Department was dismissed. Case-Laws Income Tax Mon, 24 Jan 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60953