2003 (8) TMI 464 - AT - Income Tax

Summary

The Appellate Tribunal ITAT DELHI cancelled a penalty of Rs. 20,067 imposed on the assessee for not getting accounts audited under section 44AB. The Tribunal found that the assessee's failure was due to a bona fide lack of awareness of the law in the first year of business, constituting a reasonable cause under section 273B of the Income-tax Act. The appeal of the assessee was allowed.