https://www.taxtmi.com/caselaws?id=354681 The Tribunal ruled in favor of the appellant, a charitable society, by reversing the orders of the AO and CIT(A) and deleting the penalty imposed under Section 271B of the Income Tax Act, 1961. It concluded that the audit requirements under Section 44AB, applicable to business entities, did not apply to the society, which was not engaged in business activities and claimed exemption under Section 11. The appeal was allowed, and the penalty was deemed unjustified. en-us Thu, 25 Jan 2018 00:00:00 +0530 Fri, 20 Dec 2024 14:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=354681 The Tribunal ruled in favor of the appellant, a charitable society, by reversing the orders of the AO and CIT(A) and deleting the penalty imposed under Section 271B of the Income Tax Act, 1961. It concluded that the audit requirements under Section 44AB, applicable to business entities, did not apply to the society, which was not engaged in business activities and claimed exemption under Section 11. The appeal was allowed, and the penalty was deemed unjustified. Case-Laws Income Tax Thu, 25 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=354681