https://www.taxtmi.com/caselaws?id=218122 The Tribunal allowed all the assessee's appeals, quashing the assessment and penalty orders for the relevant years. The initiation of proceedings under Section 147 was found to be based on incorrect grounds as the audit reports demonstrated compliance with Section 44AB, making Section 44AF inapplicable. The CIT(A) erred in not considering the audit reports, leading to the incorrect confirmation of assessments and penalties. As the assessee maintained books of account audited under Section 44AB, the assessments and penalties were deemed unjustified. en-us Fri, 13 Jul 2012 00:00:00 +0530 Mon, 05 Nov 2012 11:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=218122 The Tribunal allowed all the assessee's appeals, quashing the assessment and penalty orders for the relevant years. The initiation of proceedings under Section 147 was found to be based on incorrect grounds as the audit reports demonstrated compliance with Section 44AB, making Section 44AF inapplicable. The CIT(A) erred in not considering the audit reports, leading to the incorrect confirmation of assessments and penalties. As the assessee maintained books of account audited under Section 44AB, the assessments and penalties were deemed unjustified. Case-Laws Income Tax Fri, 13 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=218122