https://www.taxtmi.com/caselaws?id=278651 The Tribunal allowed the appeal of the assessee, ruling that the penalty under section 271B of the Income-tax Act was unjustified as the assessee, a forwarding agent, was not liable to get accounts audited under section 44AB. The Tribunal found that the reimbursements received by the assessee were not part of turnover for section 44AB purposes. Additionally, the Tribunal accepted the assessee's reasonable cause defense under section 273B, concluding that there was no imposable penalty due to the genuine belief regarding income inclusion. The decision was issued in December 2014. en-us Tue, 02 Dec 2014 00:00:00 +0530 Sat, 16 Feb 2019 06:27:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=278651 The Tribunal allowed the appeal of the assessee, ruling that the penalty under section 271B of the Income-tax Act was unjustified as the assessee, a forwarding agent, was not liable to get accounts audited under section 44AB. The Tribunal found that the reimbursements received by the assessee were not part of turnover for section 44AB purposes. Additionally, the Tribunal accepted the assessee's reasonable cause defense under section 273B, concluding that there was no imposable penalty due to the genuine belief regarding income inclusion. The decision was issued in December 2014. Case-Laws Income Tax Tue, 02 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=278651