https://www.taxtmi.com/caselaws?id=266161 The Appellate Tribunal ITAT PANAJI allowed the Assessee's appeal against the penalty imposed under Sec. 271B for A.Y 2007-08 and A.Y 2008-09. The Tribunal found the Assessee's belief that turnover was below Rs. 40 lacs to be bona fide, as the income was primarily from commission on transportation and no fraudulent activity was detected. Distinguishing the case from previous instances involving fraudulent activities, the Tribunal concluded that the penalty was unjustified. As a result, the penalty imposed by the AO was deleted, and the Assessee's appeals were upheld. en-us Thu, 18 Jun 2015 00:00:00 +0530 Sat, 17 Oct 2015 23:28:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=266161 The Appellate Tribunal ITAT PANAJI allowed the Assessee's appeal against the penalty imposed under Sec. 271B for A.Y 2007-08 and A.Y 2008-09. The Tribunal found the Assessee's belief that turnover was below Rs. 40 lacs to be bona fide, as the income was primarily from commission on transportation and no fraudulent activity was detected. Distinguishing the case from previous instances involving fraudulent activities, the Tribunal concluded that the penalty was unjustified. As a result, the penalty imposed by the AO was deleted, and the Assessee's appeals were upheld. Case-Laws Income Tax Thu, 18 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=266161