https://www.taxtmi.com/caselaws?id=393027 The penalties under Sections 271A and 271B were deleted as the turnover from speculative transactions was below the threshold requiring maintenance of books and audit. However, the penalty under Section 271(1)(b) was confirmed due to the assessee's failure to comply with the notice under Section 142(1) without any reasonable cause. The appeals for penalties under Sections 271A and 271B were allowed, while the appeal for the penalty under Section 271(1)(b) was dismissed. en-us Mon, 17 Feb 2020 00:00:00 +0530 Wed, 04 Mar 2020 13:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=393027 The penalties under Sections 271A and 271B were deleted as the turnover from speculative transactions was below the threshold requiring maintenance of books and audit. However, the penalty under Section 271(1)(b) was confirmed due to the assessee's failure to comply with the notice under Section 142(1) without any reasonable cause. The appeals for penalties under Sections 271A and 271B were allowed, while the appeal for the penalty under Section 271(1)(b) was dismissed. Case-Laws Income Tax Mon, 17 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=393027