https://www.taxtmi.com/caselaws?id=378166 The Appellate Tribunal allowed the appeal, ruling in favor of the assessee by directing the deletion of the penalty imposed under section 271A of the Income Tax Act, 1961 for Assessment Year 2001-02. The Tribunal clarified the distinction between maintenance of accounts under section 44AA and income estimation under section 145(3), emphasizing that the rejection of accounts triggers income estimation, not penalty imposition. It concluded that the penalty under section 271A was not justified as there was no evidence of failure to maintain required books or documents, leading to the deletion of the penalty. en-us Fri, 29 Mar 2019 00:00:00 +0530 Wed, 10 Apr 2019 07:01:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=378166 The Appellate Tribunal allowed the appeal, ruling in favor of the assessee by directing the deletion of the penalty imposed under section 271A of the Income Tax Act, 1961 for Assessment Year 2001-02. The Tribunal clarified the distinction between maintenance of accounts under section 44AA and income estimation under section 145(3), emphasizing that the rejection of accounts triggers income estimation, not penalty imposition. It concluded that the penalty under section 271A was not justified as there was no evidence of failure to maintain required books or documents, leading to the deletion of the penalty. Case-Laws Income Tax Fri, 29 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=378166