https://www.taxtmi.com/caselaws?id=71483 The Tribunal upheld the decision of the CIT (Appeals) to cancel the penalty imposed by the Assessing Officer under section 271B for failure to audit accounts under section 44AB. The assessee's turnover exceeded the specified limit, necessitating an audit, but the penalty was cancelled due to the assessee's reasonable belief and lack of deliberate defiance of the law. The Tribunal considered the nature of transactions and the assessee's reasonable cause for non-compliance with audit requirements in dismissing the revenue's appeal. en-us Fri, 19 Mar 1993 00:00:00 +0530 Mon, 25 Apr 2011 11:16:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71483 The Tribunal upheld the decision of the CIT (Appeals) to cancel the penalty imposed by the Assessing Officer under section 271B for failure to audit accounts under section 44AB. The assessee's turnover exceeded the specified limit, necessitating an audit, but the penalty was cancelled due to the assessee's reasonable belief and lack of deliberate defiance of the law. The Tribunal considered the nature of transactions and the assessee's reasonable cause for non-compliance with audit requirements in dismissing the revenue's appeal. Case-Laws Income Tax Fri, 19 Mar 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71483