https://www.taxtmi.com/caselaws?id=64292 The Tribunal ruled in favor of the assessee, a foreign company, in a dispute over the imposition of a penalty under section 271B of the Income Tax Act for failing to comply with the audit requirement of section 44AB. The Tribunal held that the non obstante clause in section 44D did not exempt the assessee from the audit obligation under section 44AB. As the assessee's income was taxed on a presumptive basis under section 44D, without claiming deductible expenses, conducting an audit under section 44AB was deemed unnecessary. The penalty was consequently revoked, and the appeal was allowed in favor of the assessee. en-us Fri, 01 Apr 2005 00:00:00 +0530 Sat, 05 Feb 2011 18:49:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64292 The Tribunal ruled in favor of the assessee, a foreign company, in a dispute over the imposition of a penalty under section 271B of the Income Tax Act for failing to comply with the audit requirement of section 44AB. The Tribunal held that the non obstante clause in section 44D did not exempt the assessee from the audit obligation under section 44AB. As the assessee's income was taxed on a presumptive basis under section 44D, without claiming deductible expenses, conducting an audit under section 44AB was deemed unnecessary. The penalty was consequently revoked, and the appeal was allowed in favor of the assessee. Case-Laws Income Tax Fri, 01 Apr 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64292