https://www.taxtmi.com/caselaws?id=170785 The appeal challenging the deletion of the penalty under section 271B based on the interpretation and applicability of section 44AB was dismissed. The tribunal held that the assessee was not required to obtain an audit report under section 44AB as its income was exempt under section 10(23D) and did not form part of the total income. Therefore, the cancellation of the penalty was upheld. en-us Mon, 22 Jan 2001 00:00:00 +0530 Mon, 15 Jun 2015 13:25:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=170785 The appeal challenging the deletion of the penalty under section 271B based on the interpretation and applicability of section 44AB was dismissed. The tribunal held that the assessee was not required to obtain an audit report under section 44AB as its income was exempt under section 10(23D) and did not form part of the total income. Therefore, the cancellation of the penalty was upheld. Case-Laws Income Tax Mon, 22 Jan 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=170785