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In penalty proceedings under s.271A for alleged failure to maintain books u/s 44AA arising from derivatives (F&O) trading, ITAT held that the assessee's reliance on ICAI guidance for computing F&O turnover constituted a reasonable cause for non-maintenance of books. The Tribunal found the Income-tax Act lacks specific provisions for F&O turnover computation, accepted the assessee's detailed submissions, and determined that imposition of penalty by the Assessing Officer under s.274 was unjustified. Consequently the penalty was set aside and the assessee's appeal allowed.
In penalty proceedings under s.271A for alleged failure to maintain books u/s 44AA arising from derivatives (F&O) trading, ITAT held that the assessee's reliance on ICAI guidance for computing F&O turnover constituted a reasonable cause for non-maintenance of books. The Tribunal found the Income-tax Act lacks specific provisions for F&O turnover computation, accepted the assessee's detailed submissions, and determined that imposition of penalty by the Assessing Officer under s.274 was unjustified. Consequently the penalty was set aside and the assessee's appeal allowed.
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