https://www.taxtmi.com/highlights?id=27911 Penalty u/s 271B - Tax Audit - The assessee was under the bonafide belief that the provisions of Section 44AB of the Act were not applicable to a Club, while supplying beverages, liquor etc., to its members as it was not engaged in any business, but only a mutuality. - No penalty - HC en-us Thu, 10 Mar 2016 10:49:12 +0530 Thu, 10 Mar 2016 10:49:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=27911 Penalty u/s 271B - Tax Audit - The assessee was under the bonafide belief that the provisions of Section 44AB of the Act were not applicable to a Club, while supplying beverages, liquor etc., to its members as it was not engaged in any business, but only a mutuality. - No penalty - HC Highlights Income Tax Thu, 10 Mar 2016 10:49:12 +0530 https://www.taxtmi.com/highlights?id=27911