https://www.taxtmi.com/caselaws?id=226162 The Tribunal set aside the penalty imposed under section 271B of the Act on a civil contractor for not maintaining books of account and not getting them audited. The Tribunal found that since the taxpayer did not maintain any books of account, the penalty for not auditing them was unjustified. It noted an unintended omission in the Income-tax Rules regarding specifying required books of account for civil contractors. The Tribunal referred to precedents and deleted the penalty, suggesting that the department address the oversight with the executive authority. en-us Thu, 28 Mar 2013 00:00:00 +0530 Fri, 19 Apr 2013 10:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=226162 The Tribunal set aside the penalty imposed under section 271B of the Act on a civil contractor for not maintaining books of account and not getting them audited. The Tribunal found that since the taxpayer did not maintain any books of account, the penalty for not auditing them was unjustified. It noted an unintended omission in the Income-tax Rules regarding specifying required books of account for civil contractors. The Tribunal referred to precedents and deleted the penalty, suggesting that the department address the oversight with the executive authority. Case-Laws Income Tax Thu, 28 Mar 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=226162