2001 (6) TMI 790 - AT - Income Tax

Summary

The Appellate Tribunal ITAT Delhi dismissed Revenue's appeals against Commissioner of Income-tax (Appeals) canceling penalty under section 271B. Assessee obtained tax audit report on time, complying with section 44AB requirements. Tribunal declined to interfere, citing case law and specific case of a share broker not requiring tax audit report. All Revenue appeals were dismissed.