https://www.taxtmi.com/caselaws?id=288522 The Income Tax Appellate Tribunal allowed the assessee's appeals regarding the confirmation of penalties under Section 271A for the assessment years 2012-2013 & 2013-2014. The Tribunal found that the revenue failed to prove that the assessee did not maintain required books of account under Section 44AA of the Act. Additionally, the Tribunal accepted the assessee's explanation for the failure to produce books of accounts, granting immunity under Section 273B. As a result, the penalties imposed by the CIT(A) were canceled, emphasizing the significance of maintaining proper books of accounts under the Income-tax Act. en-us Mon, 16 Dec 2019 00:00:00 +0530 Sat, 13 Jun 2020 09:49:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=288522 The Income Tax Appellate Tribunal allowed the assessee's appeals regarding the confirmation of penalties under Section 271A for the assessment years 2012-2013 & 2013-2014. The Tribunal found that the revenue failed to prove that the assessee did not maintain required books of account under Section 44AA of the Act. Additionally, the Tribunal accepted the assessee's explanation for the failure to produce books of accounts, granting immunity under Section 273B. As a result, the penalties imposed by the CIT(A) were canceled, emphasizing the significance of maintaining proper books of accounts under the Income-tax Act. Case-Laws Income Tax Mon, 16 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=288522