2003 (6) TMI 435 - AT - Income Tax

Summary

The Appellate Tribunal ITAT Indore ruled in favor of the appellant in a penalty case related to late filing of audit report under section 44AB. The tribunal found that the delay was due to reasonable cause, as the provision was newly introduced and one partner's location caused the delay. The penalty of Rs. 1 lakh was deleted. The appeal was allowed.