https://www.taxtmi.com/caselaws?id=75692 The Court dismissed the appeal, affirming the Tribunal's decision to cancel the penalty imposed under section 271B of the Income-tax Act. It was clarified that since the assessee did not maintain any books of account, the penalty should have been imposed under section 271A instead of section 271B. The judgment emphasized the correct application of penalty provisions in cases where books of account are not maintained, distinguishing between the two relevant sections. en-us Thu, 10 Sep 2009 00:00:00 +0530 Fri, 30 Mar 2018 11:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=75692 The Court dismissed the appeal, affirming the Tribunal's decision to cancel the penalty imposed under section 271B of the Income-tax Act. It was clarified that since the assessee did not maintain any books of account, the penalty should have been imposed under section 271A instead of section 271B. The judgment emphasized the correct application of penalty provisions in cases where books of account are not maintained, distinguishing between the two relevant sections. Case-Laws Income Tax Thu, 10 Sep 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=75692