https://www.taxtmi.com/caselaws?id=416491 The Tribunal reversed the lower authorities' decisions and directed the assessing officer to delete the penalty of 1,50,000 imposed under section 271B for failure to audit accounts under section 44AB. The appellant's bonafide belief, supported by the absence of turnover or gross receipts due to following the project completion method, was deemed reasonable cause for non-compliance. The Tribunal found no malafide intent and emphasized the assessing officer's ability to verify expenses upon project completion, leading to the successful appeal by the appellant. en-us Thu, 23 Dec 2021 00:00:00 +0530 Thu, 30 Dec 2021 08:32:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=416491 The Tribunal reversed the lower authorities' decisions and directed the assessing officer to delete the penalty of 1,50,000 imposed under section 271B for failure to audit accounts under section 44AB. The appellant's bonafide belief, supported by the absence of turnover or gross receipts due to following the project completion method, was deemed reasonable cause for non-compliance. The Tribunal found no malafide intent and emphasized the assessing officer's ability to verify expenses upon project completion, leading to the successful appeal by the appellant. Case-Laws Income Tax Thu, 23 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=416491