https://www.taxtmi.com/caselaws?id=359359 The ITAT Lucknow allowed the appeal of the contractor, deleting the penalty imposed under section 271A of the Income Tax Act. The Tribunal emphasized the unique circumstances of the contractor and referenced a Chennai Bench decision stating that penalties under section 271A do not apply to contractors who maintain proper records as required by section 44AA. The Tribunal noted consistent judicial decisions supporting this stance, ultimately ruling in favor of the assessee and overturning the penalty based on the specific facts and legal provisions applicable to the case. en-us Tue, 20 Feb 2018 00:00:00 +0530 Sat, 28 Apr 2018 07:10:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=359359 The ITAT Lucknow allowed the appeal of the contractor, deleting the penalty imposed under section 271A of the Income Tax Act. The Tribunal emphasized the unique circumstances of the contractor and referenced a Chennai Bench decision stating that penalties under section 271A do not apply to contractors who maintain proper records as required by section 44AA. The Tribunal noted consistent judicial decisions supporting this stance, ultimately ruling in favor of the assessee and overturning the penalty based on the specific facts and legal provisions applicable to the case. Case-Laws Income Tax Tue, 20 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=359359