https://www.taxtmi.com/caselaws?id=325102 The High Court of Karnataka ruled in favor of the appellant, a Club registered as a society, in a case involving the applicability of Section 44AB of the Income Tax Act to a mutual concern and the imposition of penalty under Section 271B. The Court emphasized the principles of mutuality and the importance of a bonafide belief as a reasonable cause for failure under Section 271B. By considering the appellant's explanation and precedents, the Court set aside the penalty orders imposed by lower authorities, absolving the appellant from penalty under Section 271B. en-us Fri, 26 Feb 2016 00:00:00 +0530 Thu, 17 Nov 2016 18:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=325102 The High Court of Karnataka ruled in favor of the appellant, a Club registered as a society, in a case involving the applicability of Section 44AB of the Income Tax Act to a mutual concern and the imposition of penalty under Section 271B. The Court emphasized the principles of mutuality and the importance of a bonafide belief as a reasonable cause for failure under Section 271B. By considering the appellant's explanation and precedents, the Court set aside the penalty orders imposed by lower authorities, absolving the appellant from penalty under Section 271B. Case-Laws Income Tax Fri, 26 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=325102