https://www.taxtmi.com/caselaws?id=198530 The ITAT allowed the appeal by the assessee, a charitable trust claiming exemption under section 11 of the Income Tax Act, against a penalty imposed under section 271B for failure to audit accounts under section 44AB. The ITAT held that the assessee's exempt status under section 11 rendered section 44AB inapplicable, citing case law precedent. Consequently, the penalty was deemed unjustified and canceled, with the ITAT allowing all grounds of appeal and reversing the lower authorities' decision. en-us Mon, 06 Aug 2012 00:00:00 +0530 Fri, 02 Feb 2018 14:31:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=198530 The ITAT allowed the appeal by the assessee, a charitable trust claiming exemption under section 11 of the Income Tax Act, against a penalty imposed under section 271B for failure to audit accounts under section 44AB. The ITAT held that the assessee's exempt status under section 11 rendered section 44AB inapplicable, citing case law precedent. Consequently, the penalty was deemed unjustified and canceled, with the ITAT allowing all grounds of appeal and reversing the lower authorities' decision. Case-Laws Income Tax Mon, 06 Aug 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=198530