https://www.taxtmi.com/caselaws?id=421604 The Tribunal set aside the Commissioner of Income Tax (Appeals) [CIT(A)]'s decision and directed the Assessing Officer (AO) to delete the penalty imposed under Section 271B of the Income Tax Act, 1961. The Tribunal ruled in favor of the assessee, determining that the turnover did not exceed the limit requiring audit under Section 44AB, thus concluding that the penalty was not justified due to the technical nature of the default. The appeal was allowed, and the order was pronounced on 22nd April, 2022. en-us Fri, 22 Apr 2022 00:00:00 +0530 Wed, 27 Apr 2022 22:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=421604 The Tribunal set aside the Commissioner of Income Tax (Appeals) [CIT(A)]'s decision and directed the Assessing Officer (AO) to delete the penalty imposed under Section 271B of the Income Tax Act, 1961. The Tribunal ruled in favor of the assessee, determining that the turnover did not exceed the limit requiring audit under Section 44AB, thus concluding that the penalty was not justified due to the technical nature of the default. The appeal was allowed, and the order was pronounced on 22nd April, 2022. Case-Laws Income Tax Fri, 22 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=421604