https://www.taxtmi.com/caselaws?id=291973 The Appellate Tribunal annulled the penalty imposed under section 271B despite a penalty under section 271A already being levied for non-maintenance of books of accounts. The Tribunal emphasized that penalty under section 271B applies when books are maintained but not audited, whereas penalty under section 271A pertains to non-maintenance. The decision underscored the distinct nature of the offenses and penalties under the two sections, leading to the cancellation of the penalty under section 271B in favor of upholding compliance with statutory requirements for maintaining and auditing books of accounts. en-us Tue, 23 Jun 2020 00:00:00 +0530 Wed, 02 Dec 2020 18:33:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=291973 The Appellate Tribunal annulled the penalty imposed under section 271B despite a penalty under section 271A already being levied for non-maintenance of books of accounts. The Tribunal emphasized that penalty under section 271B applies when books are maintained but not audited, whereas penalty under section 271A pertains to non-maintenance. The decision underscored the distinct nature of the offenses and penalties under the two sections, leading to the cancellation of the penalty under section 271B in favor of upholding compliance with statutory requirements for maintaining and auditing books of accounts. Case-Laws Income Tax Tue, 23 Jun 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=291973