https://www.taxtmi.com/caselaws?id=414140 The Tribunal allowed the appeal, canceling the penalty imposed under Section 271B by the Assessing Officer for non-compliance with Section 44AB of the Income Tax Act. The Tribunal held that penalty under Section 271A, not Section 271B, is appropriate when books of accounts are not maintained, relying on the precedent established in CIT v. Bisuali Tractors. en-us Wed, 06 Oct 2021 00:00:00 +0530 Fri, 29 Oct 2021 05:22:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=414140 The Tribunal allowed the appeal, canceling the penalty imposed under Section 271B by the Assessing Officer for non-compliance with Section 44AB of the Income Tax Act. The Tribunal held that penalty under Section 271A, not Section 271B, is appropriate when books of accounts are not maintained, relying on the precedent established in CIT v. Bisuali Tractors. Case-Laws Income Tax Wed, 06 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=414140