https://www.taxtmi.com/caselaws?id=338805 The appeals challenging the penalty imposed for non-compliance with Section 44AB of the Income Tax Act were dismissed. The Tribunal upheld the penalty under section 271B, emphasizing the mandatory nature of auditing accounts as required by Section 44AB, regardless of the accounting method used. The decision aligned with legal provisions and previous judgments, rejecting the assessee's argument of following a project completion method as a reason for not conducting the audit. The appeals were dismissed based on the Tribunal's findings and previous judicial decisions. en-us Tue, 07 Feb 2017 00:00:00 +0530 Sat, 11 Feb 2017 10:47:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=338805 The appeals challenging the penalty imposed for non-compliance with Section 44AB of the Income Tax Act were dismissed. The Tribunal upheld the penalty under section 271B, emphasizing the mandatory nature of auditing accounts as required by Section 44AB, regardless of the accounting method used. The decision aligned with legal provisions and previous judgments, rejecting the assessee's argument of following a project completion method as a reason for not conducting the audit. The appeals were dismissed based on the Tribunal's findings and previous judicial decisions. Case-Laws Income Tax Tue, 07 Feb 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=338805