https://www.taxtmi.com/caselaws?id=416674 The Tribunal upheld the penalty of Rs. 1,50,000 under Section 271B of the Income Tax Act, 1961, finding that the Assessee, despite being a retired employee, had a substantial turnover from share trading activities necessitating the maintenance and audit of books of account under Sections 44AA and 44AB. The Assessee's plea of ignorance of the law was dismissed, and the Tribunal affirmed the penalty, emphasizing that ignorance of the law is not a valid defense. The appeal was ultimately dismissed, and the penalty was upheld. en-us Mon, 06 Dec 2021 00:00:00 +0530 Wed, 05 Jan 2022 05:55:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=416674 The Tribunal upheld the penalty of Rs. 1,50,000 under Section 271B of the Income Tax Act, 1961, finding that the Assessee, despite being a retired employee, had a substantial turnover from share trading activities necessitating the maintenance and audit of books of account under Sections 44AA and 44AB. The Assessee's plea of ignorance of the law was dismissed, and the Tribunal affirmed the penalty, emphasizing that ignorance of the law is not a valid defense. The appeal was ultimately dismissed, and the penalty was upheld. Case-Laws Income Tax Mon, 06 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=416674