https://www.taxtmi.com/caselaws?id=285897 The appeal was allowed, and the penalty under section 271B of the Income Tax Act for the assessment year 2009-10 was directed to be deleted. The Tribunal emphasized that there was no justification for imposing a penalty when no books of account were maintained, especially considering the absence of prescribed books for civil contract business. The decision was based on the legislative expectation for all businesses to maintain books of accounts and a previous ruling that deleted a similar penalty for the assessee in a prior assessment year. en-us Fri, 26 Jul 2013 00:00:00 +0530 Sat, 01 Feb 2020 17:27:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285897 The appeal was allowed, and the penalty under section 271B of the Income Tax Act for the assessment year 2009-10 was directed to be deleted. The Tribunal emphasized that there was no justification for imposing a penalty when no books of account were maintained, especially considering the absence of prescribed books for civil contract business. The decision was based on the legislative expectation for all businesses to maintain books of accounts and a previous ruling that deleted a similar penalty for the assessee in a prior assessment year. Case-Laws Income Tax Fri, 26 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285897