https://www.taxtmi.com/caselaws?id=65323 The Tribunal allowed the appeal, canceling the penalty imposed under section 271B of the IT Act, 1961. It was held that the commission income, not the freight receipts, constituted the turnover of the assessee. The genuine belief held by the assessee regarding the treatment of receipts as turnover was considered a reasonable cause for the non-compliance with section 44AB. en-us Sun, 25 Jul 2004 00:00:00 +0530 Tue, 15 Feb 2011 10:05:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65323 The Tribunal allowed the appeal, canceling the penalty imposed under section 271B of the IT Act, 1961. It was held that the commission income, not the freight receipts, constituted the turnover of the assessee. The genuine belief held by the assessee regarding the treatment of receipts as turnover was considered a reasonable cause for the non-compliance with section 44AB. Case-Laws Income Tax Sun, 25 Jul 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65323