https://www.taxtmi.com/caselaws?id=436822 The Tribunal allowed the appeal, deleting the penalty of Rs.1,50,000 imposed under section 271B of the Income Tax Act. The Tribunal found that as the assessee did not maintain books of account, the penalty for non-furnishing of an audit report was not justified, referencing precedents where penalty under section 271B was not applicable when books of account were not maintained. en-us Thu, 30 Mar 2023 00:00:00 +0530 Thu, 20 Apr 2023 10:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=436822 The Tribunal allowed the appeal, deleting the penalty of Rs.1,50,000 imposed under section 271B of the Income Tax Act. The Tribunal found that as the assessee did not maintain books of account, the penalty for non-furnishing of an audit report was not justified, referencing precedents where penalty under section 271B was not applicable when books of account were not maintained. Case-Laws Income Tax Thu, 30 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=436822