https://www.taxtmi.com/caselaws?id=411070 The Tribunal allowed the appeal of the assessee, ruling in favor of the assessee and disallowing the penalty under section 271B of the Income Tax Act, 1961 for the Assessment Year 2015-16. The Tribunal held that the assessee's engagement in Management Consultancy Services did not necessitate accounts audit under section 44AB as argued by the Revenue. The Tribunal considered the assessee's plea as bonafide and not subject to penalty, emphasizing that the Revenue's classification of receipts was debatable and not applicable in this case. en-us Thu, 12 Aug 2021 00:00:00 +0530 Tue, 17 Aug 2021 09:01:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=411070 The Tribunal allowed the appeal of the assessee, ruling in favor of the assessee and disallowing the penalty under section 271B of the Income Tax Act, 1961 for the Assessment Year 2015-16. The Tribunal held that the assessee's engagement in Management Consultancy Services did not necessitate accounts audit under section 44AB as argued by the Revenue. The Tribunal considered the assessee's plea as bonafide and not subject to penalty, emphasizing that the Revenue's classification of receipts was debatable and not applicable in this case. Case-Laws Income Tax Thu, 12 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=411070