https://www.taxtmi.com/caselaws?id=241340 The appeal challenging the penalty under section 271B of the Income Tax Act, 1961 was dismissed by the Appellate Tribunal. The Tribunal upheld the penalty imposed for not obtaining an audit report under section 44AB in relation to professional income received from a partnership firm by a Chartered Accountant. The decision was based on the interpretation that the penalty under section 44AB is applicable to such income, despite the technical classification under the Income Tax Act. en-us Mon, 25 Mar 2013 00:00:00 +0530 Sun, 26 Jan 2014 21:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=241340 The appeal challenging the penalty under section 271B of the Income Tax Act, 1961 was dismissed by the Appellate Tribunal. The Tribunal upheld the penalty imposed for not obtaining an audit report under section 44AB in relation to professional income received from a partnership firm by a Chartered Accountant. The decision was based on the interpretation that the penalty under section 44AB is applicable to such income, despite the technical classification under the Income Tax Act. Case-Laws Income Tax Mon, 25 Mar 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=241340