https://www.taxtmi.com/caselaws?id=203289 The Tribunal allowed the appeals, setting aside the penalties under Section 271B for non-compliance with Section 44AB of the Income Tax Act. It was held that turnover from owned vehicles could be excluded under Section 44AE(5), effectively reducing the turnover below the audit threshold. The Tribunal concluded that the penalties were unwarranted, as the turnover from owned vehicles was not considered in determining the audit requirement under Section 44AB. en-us Thu, 31 Dec 2009 00:00:00 +0530 Tue, 17 May 2011 08:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=203289 The Tribunal allowed the appeals, setting aside the penalties under Section 271B for non-compliance with Section 44AB of the Income Tax Act. It was held that turnover from owned vehicles could be excluded under Section 44AE(5), effectively reducing the turnover below the audit threshold. The Tribunal concluded that the penalties were unwarranted, as the turnover from owned vehicles was not considered in determining the audit requirement under Section 44AB. Case-Laws Income Tax Thu, 31 Dec 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=203289