https://www.taxtmi.com/highlights?id=61590 Penalty u/s. 271B - absence of auditing u/s. 44AB - The very fact that the assessee got its accounts audited under the Cooperative Societies Act prima facie shows that it entertained a bona fide belief that the amount of grant-in-aid received from Government of Maharashtra was not includible for the purposes of computing turnover u/s. 44AB. - Since the penalty section is covered u/s. 273B, we hold that the penalty was not required to be levied and confirmed. - AT en-us Sat, 22 Jan 2022 13:04:53 +0530 Sat, 22 Jan 2022 13:04:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=61590 Penalty u/s. 271B - absence of auditing u/s. 44AB - The very fact that the assessee got its accounts audited under the Cooperative Societies Act prima facie shows that it entertained a bona fide belief that the amount of grant-in-aid received from Government of Maharashtra was not includible for the purposes of computing turnover u/s. 44AB. - Since the penalty section is covered u/s. 273B, we hold that the penalty was not required to be levied and confirmed. - AT Highlights Income Tax Sat, 22 Jan 2022 13:04:53 +0530 https://www.taxtmi.com/highlights?id=61590