1993 (3) TMI 166 - AT - Income Tax

Summary

The Appellate Tribunal ITAT Indore canceled penalties under s. 271B imposed on a partnership for delayed audit reports, finding reasonable cause for the delay due to lack of knowledge and personal problems faced by the managing partner. The Tribunal held that the audit deadline specified under s. 44AB was directory, not mandatory, and upheld the cancellation of penalties by the CIT(A). The appeals were dismissed. (1993 (3) TMI 166 - ITAT INDORE)