https://www.taxtmi.com/caselaws?id=66240 CBDT monetary-limit instructions governing departmental appeals were held not to extend to penalty matters because the expression "tax" was read as excluding penalty, so the preliminary maintainability objection failed. On the substantive issue, chit subscriptions collected by a chit fund company were held not to be turnover for section 44AB, as they are credited to subscribers' accounts and are capital in nature; only foreman's commission and similar revenue items count as turnover. The assessee's bona fide belief, supported by statutory accounting formats, ICAI guidance, and past departmental acceptance, constituted reasonable cause under section 273B, so penalty under section 271B was not leviable and the cancellation of penalty was upheld. en-us Tue, 31 Aug 2004 00:00:00 +0530 Tue, 22 Feb 2011 18:05:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66240 CBDT monetary-limit instructions governing departmental appeals were held not to extend to penalty matters because the expression "tax" was read as excluding penalty, so the preliminary maintainability objection failed. On the substantive issue, chit subscriptions collected by a chit fund company were held not to be turnover for section 44AB, as they are credited to subscribers' accounts and are capital in nature; only foreman's commission and similar revenue items count as turnover. The assessee's bona fide belief, supported by statutory accounting formats, ICAI guidance, and past departmental acceptance, constituted reasonable cause under section 273B, so penalty under section 271B was not leviable and the cancellation of penalty was upheld. Case-Laws Income Tax Tue, 31 Aug 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66240