https://www.taxtmi.com/caselaws?id=220882 The Tribunal dismissed the appeal, upholding the penalty under section 271A for non-maintenance of books of account. The Tribunal emphasized the mandatory nature of maintaining books of account under sections 44AA and 44AF when claiming lower profits, stating that the assessee failed to provide a reasonable cause for non-compliance. The appeal was dismissed as the Tribunal found no justification to interfere with the lower authorities' orders. en-us Fri, 07 Sep 2012 00:00:00 +0530 Wed, 13 Feb 2013 06:33:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=220882 The Tribunal dismissed the appeal, upholding the penalty under section 271A for non-maintenance of books of account. The Tribunal emphasized the mandatory nature of maintaining books of account under sections 44AA and 44AF when claiming lower profits, stating that the assessee failed to provide a reasonable cause for non-compliance. The appeal was dismissed as the Tribunal found no justification to interfere with the lower authorities' orders. Case-Laws Income Tax Fri, 07 Sep 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=220882