https://www.taxtmi.com/caselaws?id=68616 The ITAT Jodhpur upheld the decision to delete penalties imposed under section 271B of the IT Act, 1961, for failure to audit accounts under section 44AB. The Tribunal found the assessee had a reasonable cause due to a genuine belief of income below taxable limit. Emphasizing the discretionary nature of penalty imposition, the Tribunal aligned with the view that penalties should not apply if there is a valid reasonable cause. Consequently, the Tribunal dismissed all Department appeals, affirming the deletion of penalties against the assessee. en-us Tue, 25 May 2004 00:00:00 +0530 Thu, 31 Mar 2011 13:33:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68616 The ITAT Jodhpur upheld the decision to delete penalties imposed under section 271B of the IT Act, 1961, for failure to audit accounts under section 44AB. The Tribunal found the assessee had a reasonable cause due to a genuine belief of income below taxable limit. Emphasizing the discretionary nature of penalty imposition, the Tribunal aligned with the view that penalties should not apply if there is a valid reasonable cause. Consequently, the Tribunal dismissed all Department appeals, affirming the deletion of penalties against the assessee. Case-Laws Income Tax Tue, 25 May 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68616