https://www.taxtmi.com/caselaws?id=61532 The ITAT's final decision favored the assessee, concluding that the penalty u/s 271B was not applicable. The Third Member supported Vice President Mehta's dissenting opinion, emphasizing that the audit report was completed on 30-10-1992, corroborated by the C.A.'s certificate. The regular Bench decided based on the majority opinion, determining that the short delay in filing the return constituted reasonable cause, thereby justifying the cancellation of the penalty. en-us Tue, 09 Dec 2003 00:00:00 +0530 Mon, 01 Jul 2024 14:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61532 The ITAT's final decision favored the assessee, concluding that the penalty u/s 271B was not applicable. The Third Member supported Vice President Mehta's dissenting opinion, emphasizing that the audit report was completed on 30-10-1992, corroborated by the C.A.'s certificate. The regular Bench decided based on the majority opinion, determining that the short delay in filing the return constituted reasonable cause, thereby justifying the cancellation of the penalty. Case-Laws Income Tax Tue, 09 Dec 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61532