https://www.taxtmi.com/caselaws?id=14476 The High Court upheld the deletion of the penalty imposed on the assessee under section 271B of the Income-tax Act, 1961. The Tribunal found that only the commission earned by the assessee, amounting to Rs. 14.55 lakhs, should be considered for audit purposes as the assessee was acting as an agent in the advertising business. Consequently, section 44AB was deemed not applicable, leading to the deletion of the penalty. The High Court affirmed this decision, noting that the assessee's role as an agent for commission aligned with the Tribunal's findings, resulting in the dismissal of the appeal. en-us Mon, 28 Feb 2000 00:00:00 +0530 Thu, 16 Jul 2009 11:29:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14476 The High Court upheld the deletion of the penalty imposed on the assessee under section 271B of the Income-tax Act, 1961. The Tribunal found that only the commission earned by the assessee, amounting to Rs. 14.55 lakhs, should be considered for audit purposes as the assessee was acting as an agent in the advertising business. Consequently, section 44AB was deemed not applicable, leading to the deletion of the penalty. The High Court affirmed this decision, noting that the assessee's role as an agent for commission aligned with the Tribunal's findings, resulting in the dismissal of the appeal. Case-Laws Income Tax Mon, 28 Feb 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14476