https://www.taxtmi.com/caselaws?id=70764 The Tribunal dismissed the departmental appeals and affirmed the cancellation of penalties imposed by the Assessing Officer under section 271A for non-maintenance of bank account. The Tribunal held that the assessees had maintained records enabling income computation, as required by section 44AA(2), and that any document facilitating profit and loss account preparation sufficed as books of account. Since no notice was issued for defects in the assessees' documents under section 139(9), the Tribunal upheld the cancellation of penalties by the D.C.I.T.(A) for both assessees. en-us Mon, 19 Jul 1993 00:00:00 +0530 Tue, 19 Apr 2011 11:23:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70764 The Tribunal dismissed the departmental appeals and affirmed the cancellation of penalties imposed by the Assessing Officer under section 271A for non-maintenance of bank account. The Tribunal held that the assessees had maintained records enabling income computation, as required by section 44AA(2), and that any document facilitating profit and loss account preparation sufficed as books of account. Since no notice was issued for defects in the assessees' documents under section 139(9), the Tribunal upheld the cancellation of penalties by the D.C.I.T.(A) for both assessees. Case-Laws Income Tax Mon, 19 Jul 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70764