https://www.taxtmi.com/caselaws?id=436437 The tribunal held that the penalty under Section 271B was unjustified as the assessee did not maintain books of accounts. It found the show cause notice invalid and the AO's order based on a non-existent explanation to Section 271B. The turnover calculation was directed to adhere to basic accounting principles. Consequently, the appeal was allowed, and the penalty under Section 271B was vacated. en-us Mon, 06 Mar 2023 00:00:00 +0530 Wed, 12 Apr 2023 22:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=436437 The tribunal held that the penalty under Section 271B was unjustified as the assessee did not maintain books of accounts. It found the show cause notice invalid and the AO's order based on a non-existent explanation to Section 271B. The turnover calculation was directed to adhere to basic accounting principles. Consequently, the appeal was allowed, and the penalty under Section 271B was vacated. Case-Laws Income Tax Mon, 06 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=436437