https://www.taxtmi.com/caselaws?id=435650 The Tribunal allowed the appeal, setting aside the penalty imposed under Section 271A of the Income Tax Act, 1961. The penalty of Rs.25,000 was deleted as the assessee's income did not exceed the threshold necessitating maintenance of books of account under Section 44AA. The Tribunal found that the penalty was not justified in this case due to the nature of the income and the failure to file a return in response to the notice served. en-us Wed, 15 Mar 2023 00:00:00 +0530 Fri, 24 Mar 2023 09:39:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=435650 The Tribunal allowed the appeal, setting aside the penalty imposed under Section 271A of the Income Tax Act, 1961. The penalty of Rs.25,000 was deleted as the assessee's income did not exceed the threshold necessitating maintenance of books of account under Section 44AA. The Tribunal found that the penalty was not justified in this case due to the nature of the income and the failure to file a return in response to the notice served. Case-Laws Income Tax Wed, 15 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=435650