Tribunal upheld reasonable cause for Tax Audit Report delay due to dispute over interim dividend declaration delaying audited results. Penalty deleted.

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....Tribunal found assessee had reasonable cause for delay in furnishing Tax Audit Report due to delay in finalization of statutory audit arising from dispute between Board of Directors and Government nominee director regarding interim dividend declaration. Revenue authorities erred in dismissing assessee's explanation as unreasonable. Irrespective of reason for dispute, audited results were delayed, consequently delaying Tax Audit Report filing. Penalty u/s 271B for delayed filing of Tax Audit Report deleted as assessee had sufficient cause for delay.....