https://www.taxtmi.com/caselaws?id=344771 The ITAT allowed the appeal, ruling that the penalty under Section 271B for failure to audit books of account cannot be imposed if the assessee has not maintained the required books of account under Section 44AA. The decision was based on strict interpretation of penalty provisions and precedents from the Gauhati High Court and Allahabad High Court, emphasizing penalties should only apply when conditions in relevant sections are met. The ITAT directed deletion of the penalty based on these principles. en-us Mon, 24 Apr 2017 00:00:00 +0530 Tue, 27 Jun 2017 15:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=344771 The ITAT allowed the appeal, ruling that the penalty under Section 271B for failure to audit books of account cannot be imposed if the assessee has not maintained the required books of account under Section 44AA. The decision was based on strict interpretation of penalty provisions and precedents from the Gauhati High Court and Allahabad High Court, emphasizing penalties should only apply when conditions in relevant sections are met. The ITAT directed deletion of the penalty based on these principles. Case-Laws Income Tax Mon, 24 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=344771