https://www.taxtmi.com/caselaws?id=2400 The court held that the assessee must get accounts audited as combined receipts exceeded Rs.40 lakhs. The assessee's bona fide belief regarding Section 44AB interpretation constituted a reasonable cause, exempting him from penalty under Section 271B. Emphasizing against penalties for minor law breaches, the court set aside penalties imposed by Assessing Officer, CIT (Appeals), and Tribunal, allowing the appeal. en-us Wed, 02 Aug 2006 00:00:00 +0530 Thu, 28 Aug 2008 21:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=2400 The court held that the assessee must get accounts audited as combined receipts exceeded Rs.40 lakhs. The assessee's bona fide belief regarding Section 44AB interpretation constituted a reasonable cause, exempting him from penalty under Section 271B. Emphasizing against penalties for minor law breaches, the court set aside penalties imposed by Assessing Officer, CIT (Appeals), and Tribunal, allowing the appeal. Case-Laws Income Tax Wed, 02 Aug 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=2400