https://www.taxtmi.com/caselaws?id=63224 The tribunal upheld the cancellation of a penalty imposed on a non-resident company under section 271B of the IT Act. It was determined that the company, receiving royalty income, was not required to comply with section 44AB audit requirements as its income did not constitute business income. The tribunal considered the Double Taxation Agreement provisions and the company's lack of permanent establishment in India, leading to the conclusion that the penalty was unjustified. The Revenue's appeal was dismissed, affirming the cancellation of the penalty. en-us Fri, 13 May 1994 00:00:00 +0530 Fri, 28 Jan 2011 15:32:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63224 The tribunal upheld the cancellation of a penalty imposed on a non-resident company under section 271B of the IT Act. It was determined that the company, receiving royalty income, was not required to comply with section 44AB audit requirements as its income did not constitute business income. The tribunal considered the Double Taxation Agreement provisions and the company's lack of permanent establishment in India, leading to the conclusion that the penalty was unjustified. The Revenue's appeal was dismissed, affirming the cancellation of the penalty. Case-Laws Income Tax Fri, 13 May 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63224