https://www.taxtmi.com/caselaws?id=298393 The Tribunal held that the assessee was not obligated to maintain books of accounts under section 44AA of the Income Tax Act. Additionally, the notice issued under section 142(1) for multiple assessment years was deemed invalid. The Tribunal found that the assessee had a reasonable cause for non-compliance with statutory notices, leading to the cancellation of penalties imposed under section 271(1)(b). As a result, all related appeals were allowed, and the penalties imposed in those appeals were revoked. en-us Mon, 30 May 2016 00:00:00 +0530 Sat, 30 Oct 2021 08:05:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=298393 The Tribunal held that the assessee was not obligated to maintain books of accounts under section 44AA of the Income Tax Act. Additionally, the notice issued under section 142(1) for multiple assessment years was deemed invalid. The Tribunal found that the assessee had a reasonable cause for non-compliance with statutory notices, leading to the cancellation of penalties imposed under section 271(1)(b). As a result, all related appeals were allowed, and the penalties imposed in those appeals were revoked. Case-Laws Income Tax Mon, 30 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=298393