https://www.taxtmi.com/highlights?id=48533 Penalty u/sec. 271B - assessee had entered into only a single transaction and has bonafide belief that the transaction entered into by her leads to capital gains and not business transaction AO consider the same as business income then it attracts the provisions of section 44AB - since explanation given by the assessee is bonafide and also justified, no penalty can be levied u/s 271B en-us Fri, 09 Aug 2019 07:21:51 +0530 Fri, 09 Aug 2019 07:21:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=48533 Penalty u/sec. 271B - assessee had entered into only a single transaction and has bonafide belief that the transaction entered into by her leads to capital gains and not business transaction AO consider the same as business income then it attracts the provisions of section 44AB - since explanation given by the assessee is bonafide and also justified, no penalty can be levied u/s 271B Highlights Income Tax Fri, 09 Aug 2019 07:21:51 +0530 https://www.taxtmi.com/highlights?id=48533