https://www.taxtmi.com/caselaws?id=384264 The tribunal ruled in favor of the assessee, overturning the assessment of income as business income and canceling the penalty under section 271B. The decision was based on the genuine belief of the assessee regarding the nature of the transaction, the absence of evidence supporting business activities, and the reasonable cause for not auditing accounts. en-us Wed, 07 Aug 2019 00:00:00 +0530 Fri, 09 Aug 2019 07:21:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=384264 The tribunal ruled in favor of the assessee, overturning the assessment of income as business income and canceling the penalty under section 271B. The decision was based on the genuine belief of the assessee regarding the nature of the transaction, the absence of evidence supporting business activities, and the reasonable cause for not auditing accounts. Case-Laws Income Tax Wed, 07 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=384264