https://www.taxtmi.com/caselaws?id=427774 The Tribunal set aside the penalty imposed under section 271B for failure to audit accounts under section 44AB, emphasizing the importance of reasonable cause and proper documentation. The assessee's income was accepted without variation during assessment, indicating no revenue impact or fraudulent practices. The Tribunal ruled in favor of the assessee, directing the Assessing Officer to delete the penalty due to the lack of revenue loss and the provision of necessary details during assessment proceedings. en-us Wed, 14 Sep 2022 00:00:00 +0530 Fri, 16 Sep 2022 08:14:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427774 The Tribunal set aside the penalty imposed under section 271B for failure to audit accounts under section 44AB, emphasizing the importance of reasonable cause and proper documentation. The assessee's income was accepted without variation during assessment, indicating no revenue impact or fraudulent practices. The Tribunal ruled in favor of the assessee, directing the Assessing Officer to delete the penalty due to the lack of revenue loss and the provision of necessary details during assessment proceedings. Case-Laws Income Tax Wed, 14 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427774