https://www.taxtmi.com/caselaws?id=417419 The Tribunal allowed all appeals by Cooperative Societies engaged in the sale and purchase of milk, holding that the penalty under section 271B of the Income Tax Act was not justified. The penalty for failure to audit accounts under section 44AB was deemed unreasonable due to the assessee's reasonable belief regarding the inclusion of grant-in-aid in turnover calculations. The judgment stresses the importance of assessing penalties based on the specific circumstances of each case to ensure fair treatment and compliance with tax laws. en-us Wed, 12 Jan 2022 00:00:00 +0530 Sat, 22 Jan 2022 08:49:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=417419 The Tribunal allowed all appeals by Cooperative Societies engaged in the sale and purchase of milk, holding that the penalty under section 271B of the Income Tax Act was not justified. The penalty for failure to audit accounts under section 44AB was deemed unreasonable due to the assessee's reasonable belief regarding the inclusion of grant-in-aid in turnover calculations. The judgment stresses the importance of assessing penalties based on the specific circumstances of each case to ensure fair treatment and compliance with tax laws. Case-Laws Income Tax Wed, 12 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=417419