https://www.taxtmi.com/caselaws?id=203527 The Tribunal upheld the penalty imposition under section 271B of the Income-tax Act for failure to audit share trading business accounts, following the requirement of section 44AB. The penalty was upheld solely for the share trading business turnover, not the total turnover of both businesses, as the export business accounts were audited on time. Both the Revenue's appeal and the assessee's cross-objection were dismissed, emphasizing that penalties cannot be imposed when accounts are audited and filed in compliance with tax laws. en-us Fri, 30 Jul 2010 00:00:00 +0530 Tue, 11 Jun 2013 17:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=203527 The Tribunal upheld the penalty imposition under section 271B of the Income-tax Act for failure to audit share trading business accounts, following the requirement of section 44AB. The penalty was upheld solely for the share trading business turnover, not the total turnover of both businesses, as the export business accounts were audited on time. Both the Revenue's appeal and the assessee's cross-objection were dismissed, emphasizing that penalties cannot be imposed when accounts are audited and filed in compliance with tax laws. Case-Laws Income Tax Fri, 30 Jul 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=203527