https://www.taxtmi.com/caselaws?id=186681 The Tribunal allowed the appellant's appeal against the penalty imposed under section 271A of the Income-tax Act for the assessment year 2006-07. The penalty of &8377; 25,000 for non-maintenance of books of account was deleted as the Tribunal found that the appellant had a genuine belief that books of account were not required and had cooperated in rectifying the error. The Tribunal held that there was a reasonable cause for the failure to maintain regular books of account, leading to the removal of the penalty. en-us Fri, 05 Aug 2011 00:00:00 +0530 Tue, 27 Sep 2016 15:59:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=186681 The Tribunal allowed the appellant's appeal against the penalty imposed under section 271A of the Income-tax Act for the assessment year 2006-07. The penalty of &8377; 25,000 for non-maintenance of books of account was deleted as the Tribunal found that the appellant had a genuine belief that books of account were not required and had cooperated in rectifying the error. The Tribunal held that there was a reasonable cause for the failure to maintain regular books of account, leading to the removal of the penalty. Case-Laws Income Tax Fri, 05 Aug 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=186681