https://www.taxtmi.com/caselaws?id=431166 The Tribunal quashed the penalties imposed on the Assessee under Sections 271A and 271B of the Income Tax Act for AYs 2010-11. The Assessee, acting solely as a commission agent, demonstrated that only commission income should be considered for compliance with book maintenance and tax audit requirements. As the commission income was below the threshold, the Tribunal found reasonable cause for non-compliance and allowed the appeals ex-parte, leading to the penalties being quashed. en-us Wed, 19 Oct 2022 00:00:00 +0530 Wed, 07 Dec 2022 10:27:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431166 The Tribunal quashed the penalties imposed on the Assessee under Sections 271A and 271B of the Income Tax Act for AYs 2010-11. The Assessee, acting solely as a commission agent, demonstrated that only commission income should be considered for compliance with book maintenance and tax audit requirements. As the commission income was below the threshold, the Tribunal found reasonable cause for non-compliance and allowed the appeals ex-parte, leading to the penalties being quashed. Case-Laws Income Tax Wed, 19 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431166