https://www.taxtmi.com/caselaws?id=14600 The High Court overturned the penalty imposed on an advocate and income-tax assessee for not maintaining books of account as required by section 44AA and rule 6F(1) of the Income-tax Act, 1961. The court held that the appellant was exempt from maintaining accounts as his income did not exceed the specified amount in any one of the three years preceding the previous year, as per the proviso to rule 6F(1). Emphasizing the correct interpretation of tax laws, the court clarified that professionals are not obligated to maintain books of account if their income falls below the threshold specified in the rule. en-us Fri, 18 Feb 2000 00:00:00 +0530 Fri, 17 Jul 2009 13:42:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14600 The High Court overturned the penalty imposed on an advocate and income-tax assessee for not maintaining books of account as required by section 44AA and rule 6F(1) of the Income-tax Act, 1961. The court held that the appellant was exempt from maintaining accounts as his income did not exceed the specified amount in any one of the three years preceding the previous year, as per the proviso to rule 6F(1). Emphasizing the correct interpretation of tax laws, the court clarified that professionals are not obligated to maintain books of account if their income falls below the threshold specified in the rule. Case-Laws Income Tax Fri, 18 Feb 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14600