https://www.taxtmi.com/caselaws?id=70777 The Appellate Tribunal ITAT Nagpur upheld the cancellation of a penalty of Rs. 15,000 imposed under section 271A of the Income-tax Act, 1961. The penalty was levied for failure to retain books of account by a partnership firm during assessment proceedings. The Tribunal ruled that penalizing non-retention without specific rules for non-specified professions, as in this case, was unjustified. Therefore, the Tribunal dismissed the Revenue's appeal, affirming the cancellation of the penalty under section 271A. en-us Thu, 03 Sep 1998 00:00:00 +0530 Tue, 19 Apr 2011 11:51:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70777 The Appellate Tribunal ITAT Nagpur upheld the cancellation of a penalty of Rs. 15,000 imposed under section 271A of the Income-tax Act, 1961. The penalty was levied for failure to retain books of account by a partnership firm during assessment proceedings. The Tribunal ruled that penalizing non-retention without specific rules for non-specified professions, as in this case, was unjustified. Therefore, the Tribunal dismissed the Revenue's appeal, affirming the cancellation of the penalty under section 271A. Case-Laws Income Tax Thu, 03 Sep 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70777