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1986 (11) TMI 114 - AT - Income TaxExtract: .......above decisions and apply the same to the facts of the instant case. In our view there was reasonable cause for the delay in obtaining the audit report under section 44AB. Thus, on the facts of the instant case, no penalty would be leviable under section 271B. We cancel the penalty levied under section 271B. 5. In the result, the appeal is allowed.
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