AdvertisementD B Engineering Pvt. Ltd. Vs ACIT (ITAT Delhi) Delhi ITAT: Penalty Under Section 271B Cannot Survive Where Delay in Tax Audit Was Due to Court-Monitored Management Disputes The Delhi ITAT deleted the penalty of ₹1.50 lakh under Section 271B, holding that where the assessee establishes a reasonable cause for the delay in obtaining the tax audit and filing the return, the protection under Section 273B squarely applies. The assessee-company failed to furnish the tax audit report within the prescribed time due to serious disputes among its directors, which had resulted in litigation before the D...