https://www.taxtmi.com/caselaws?id=71891 The Tribunal upheld the penalty imposed by the Assessing Officer under section 271B for both assessment years, dismissing the appeals filed by the assessee. The Tribunal found that the detailed financial statements submitted indicated the maintenance of proper books of account, justifying the audit requirement under section 44AB. The assessee's defense was deemed insincere, with no reasonable cause established for non-compliance with audit requirements. en-us Thu, 15 Feb 2007 00:00:00 +0530 Wed, 27 Apr 2011 17:13:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71891 The Tribunal upheld the penalty imposed by the Assessing Officer under section 271B for both assessment years, dismissing the appeals filed by the assessee. The Tribunal found that the detailed financial statements submitted indicated the maintenance of proper books of account, justifying the audit requirement under section 44AB. The assessee's defense was deemed insincere, with no reasonable cause established for non-compliance with audit requirements. Case-Laws Income Tax Thu, 15 Feb 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71891