https://www.taxtmi.com/caselaws?id=387848 The ITAT allowed the appeal, determining that the penalty under Section 271B was unjustified. The Tribunal concluded that the turnover declared by the assessee did not exceed the threshold under Section 44AB, and unaccounted turnover discovered during assessment should not be included for audit requirements. Consequently, the penalty was deleted, and the CIT(A)'s order was set aside. en-us Thu, 31 Oct 2019 00:00:00 +0530 Fri, 08 Nov 2024 13:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=387848 The ITAT allowed the appeal, determining that the penalty under Section 271B was unjustified. The Tribunal concluded that the turnover declared by the assessee did not exceed the threshold under Section 44AB, and unaccounted turnover discovered during assessment should not be included for audit requirements. Consequently, the penalty was deleted, and the CIT(A)'s order was set aside. Case-Laws Income Tax Thu, 31 Oct 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=387848