https://www.taxtmi.com/caselaws?id=122681 The ITAT held that the penalty under section 271A was not justified as the assessee maintained proper books of account in compliance with section 44AA. The AO's requirement to follow "Accounting Standard-7" was found to be unsupported by statutory provisions. Consequently, the penalty of Rs. 25,000 was quashed, and the appeal of the assessee was allowed. en-us Fri, 13 Nov 2009 00:00:00 +0530 Thu, 16 Aug 2012 15:00:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=122681 The ITAT held that the penalty under section 271A was not justified as the assessee maintained proper books of account in compliance with section 44AA. The AO's requirement to follow "Accounting Standard-7" was found to be unsupported by statutory provisions. Consequently, the penalty of Rs. 25,000 was quashed, and the appeal of the assessee was allowed. Case-Laws Income Tax Fri, 13 Nov 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=122681