https://www.taxtmi.com/caselaws?id=3677 The court ruled in favor of the assessee, holding that penalties under section 271B of the Income-tax Act were not applicable as no books of account were maintained. The court emphasized the distinction between penalties for non-maintenance of accounts (section 271A) and non-audit of accounts (section 271B), stating that in cases where no accounts are kept, section 271B does not apply. The judgment highlighted the need for strict interpretation of penalty provisions and adherence to separate penalties for various defaults under the Income-tax Act, 1961. en-us Fri, 18 May 2007 00:00:00 +0530 Sun, 27 Jul 2008 13:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=3677 The court ruled in favor of the assessee, holding that penalties under section 271B of the Income-tax Act were not applicable as no books of account were maintained. The court emphasized the distinction between penalties for non-maintenance of accounts (section 271A) and non-audit of accounts (section 271B), stating that in cases where no accounts are kept, section 271B does not apply. The judgment highlighted the need for strict interpretation of penalty provisions and adherence to separate penalties for various defaults under the Income-tax Act, 1961. Case-Laws Income Tax Fri, 18 May 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=3677