https://www.taxtmi.com/caselaws?id=415738 The ITAT allowed the appeal of the assessee, deleting the penalty of Rs. 42,000 imposed under section 271B for not getting books of account audited under section 44AB. The Tribunal held that as the assessee, an educational institution exempt under section 10(23C)(iiiad), was not required to undergo audit under section 44AB. The decision was based on the assessee's income being wholly exempt under section 11, thus rendering the penalty unjustified. en-us Fri, 03 Dec 2021 00:00:00 +0530 Mon, 13 Dec 2021 08:36:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=415738 The ITAT allowed the appeal of the assessee, deleting the penalty of Rs. 42,000 imposed under section 271B for not getting books of account audited under section 44AB. The Tribunal held that as the assessee, an educational institution exempt under section 10(23C)(iiiad), was not required to undergo audit under section 44AB. The decision was based on the assessee's income being wholly exempt under section 11, thus rendering the penalty unjustified. Case-Laws Income Tax Fri, 03 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=415738