https://www.taxtmi.com/caselaws?id=288053 The Tribunal ruled in favor of the taxpayer, a civil contractor, in an appeal against the penalty imposed for not maintaining books of account and not auditing them for the assessment year 2008-09. The Tribunal found that since no specific books of account were prescribed for civil contractors by the CBDT, penalizing them for not maintaining such books was unjustified. It highlighted an omission in the Income-tax Rules regarding the prescription of books of account for civil contractors and emphasized that the penalty under section 271B was not applicable in this case. The penalty was ultimately deleted, and the taxpayer's appeal was allowed. en-us Thu, 28 Mar 2013 00:00:00 +0530 Fri, 15 May 2020 15:50:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=288053 The Tribunal ruled in favor of the taxpayer, a civil contractor, in an appeal against the penalty imposed for not maintaining books of account and not auditing them for the assessment year 2008-09. The Tribunal found that since no specific books of account were prescribed for civil contractors by the CBDT, penalizing them for not maintaining such books was unjustified. It highlighted an omission in the Income-tax Rules regarding the prescription of books of account for civil contractors and emphasized that the penalty under section 271B was not applicable in this case. The penalty was ultimately deleted, and the taxpayer's appeal was allowed. Case-Laws Income Tax Thu, 28 Mar 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=288053