https://www.taxtmi.com/caselaws?id=64590 For penalty under section 271B, the relevant "accounts" under section 44AB were treated as books of account maintained in the regular course of business, meant to furnish credible tax data. Seized annexures and unofficial records, though usable for assessment, were not treated as regular books for fastening audit-default liability. The tribunal also accepted reasonable cause, noting that the seized material had not been supplied in time and the assessee's explanation was bona fide. On that basis, the alleged failure to obtain audit was not established and the penalty was held unsustainable. en-us Thu, 30 Oct 2003 00:00:00 +0530 Thu, 04 Jul 2024 12:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64590 For penalty under section 271B, the relevant "accounts" under section 44AB were treated as books of account maintained in the regular course of business, meant to furnish credible tax data. Seized annexures and unofficial records, though usable for assessment, were not treated as regular books for fastening audit-default liability. The tribunal also accepted reasonable cause, noting that the seized material had not been supplied in time and the assessee's explanation was bona fide. On that basis, the alleged failure to obtain audit was not established and the penalty was held unsustainable. Case-Laws Income Tax Thu, 30 Oct 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64590