https://www.taxtmi.com/caselaws?id=377443 The Tribunal set aside the CIT(A)'s decision confirming the penalty imposed by the AO under section 271B of the Income Tax Act. It was determined that since the assessee did not maintain any books of accounts, there was no requirement for audit, and therefore, the penalty was not justified. The Tribunal relied on a previous decision and canceled the penalty, ultimately allowing the appeal of the assessee. en-us Wed, 27 Mar 2019 00:00:00 +0530 Thu, 28 Mar 2019 18:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=377443 The Tribunal set aside the CIT(A)'s decision confirming the penalty imposed by the AO under section 271B of the Income Tax Act. It was determined that since the assessee did not maintain any books of accounts, there was no requirement for audit, and therefore, the penalty was not justified. The Tribunal relied on a previous decision and canceled the penalty, ultimately allowing the appeal of the assessee. Case-Laws Income Tax Wed, 27 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=377443