https://www.taxtmi.com/caselaws?id=214860 The Tribunal allowed the appeal, setting aside the penalty imposed under section 271B of the Income Tax Act, 1961. It determined that the audit requirement of section 44AB was not applicable as the income was declared under different heads and the assessee's treatment of income as capital gains had been consistently accepted in previous years. The Tribunal found a reasonable cause for the failure to comply with audit requirements due to the Revenue's change in income treatment, leading to the penalty being waived. en-us Fri, 15 Jun 2012 00:00:00 +0530 Wed, 18 Jul 2012 08:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214860 The Tribunal allowed the appeal, setting aside the penalty imposed under section 271B of the Income Tax Act, 1961. It determined that the audit requirement of section 44AB was not applicable as the income was declared under different heads and the assessee's treatment of income as capital gains had been consistently accepted in previous years. The Tribunal found a reasonable cause for the failure to comply with audit requirements due to the Revenue's change in income treatment, leading to the penalty being waived. Case-Laws Income Tax Fri, 15 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214860