https://www.taxtmi.com/caselaws?id=344992 The Tribunal allowed the appeal, setting aside the penalty under section 271B imposed on the assessee for trading in derivatives transactions and the requirement to get books of accounts audited under section 44AB. The Tribunal found the assessee's explanation reasonable under section 273B, noting the belief that auditing was not required and deleted the penalty of &8377;40,694. The decision was based on the provisions of the Income-tax Act, ultimately resulting in the removal of the penalty. en-us Fri, 26 May 2017 00:00:00 +0530 Tue, 04 Jul 2017 07:22:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=344992 The Tribunal allowed the appeal, setting aside the penalty under section 271B imposed on the assessee for trading in derivatives transactions and the requirement to get books of accounts audited under section 44AB. The Tribunal found the assessee's explanation reasonable under section 273B, noting the belief that auditing was not required and deleted the penalty of &8377;40,694. The decision was based on the provisions of the Income-tax Act, ultimately resulting in the removal of the penalty. Case-Laws Income Tax Fri, 26 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=344992