https://www.taxtmi.com/highlights?id=60908 Penalty levied u/s 271B - not getting the books of account audited u/s 44AB - The assessee society is also running an educational institution and was under the bonafide belief that since it is not carrying out any business or commercial activity, provisions of section 44AB of the Act are not attracted. In the instant case penalty u/s 271B of the Act was not leviable and we accordingly delete the penalty levied u/s 271B of the Act. - AT en-us Mon, 13 Dec 2021 10:44:21 +0530 Mon, 13 Dec 2021 10:44:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=60908 Penalty levied u/s 271B - not getting the books of account audited u/s 44AB - The assessee society is also running an educational institution and was under the bonafide belief that since it is not carrying out any business or commercial activity, provisions of section 44AB of the Act are not attracted. In the instant case penalty u/s 271B of the Act was not leviable and we accordingly delete the penalty levied u/s 271B of the Act. - AT Highlights Income Tax Mon, 13 Dec 2021 10:44:21 +0530 https://www.taxtmi.com/highlights?id=60908