The ITAT Dehradun held that penalty u/s 271B was not applicable...

The ITAT Dehradun held that penalty u/s 271B was not applicable as the assessee failed to upload the Audit Report as required u/s 44AB and did not maintain books of accounts. The assessee argued that penalty u/s 271A should apply instead of u/s 271B. Citing the case of Bisauli Tractor, the tribunal ruled in favor of the assessee, stating that u/s 271B is not applicable when books of account are not maintained, and upheld the appeal, deleting the penalty imposed u/s 271B in all three appeals.