https://www.taxtmi.com/caselaws?id=441734 Penalty under section 271B was held not sustainable where the assessee followed the project completion method and treated customer receipts as advances, not turnover, for section 44AB purposes. The tribunal accepted that such receipts were not recognised as sales until the project was completed, and that the assessee had a bona fide belief that tax audit was not required on that basis. As the default was not shown to be deliberate or contumacious, reasonable cause under section 273B was established and the penalty was deleted. en-us Mon, 27 Mar 2023 00:00:00 +0530 Mon, 14 Aug 2023 15:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=441734 Penalty under section 271B was held not sustainable where the assessee followed the project completion method and treated customer receipts as advances, not turnover, for section 44AB purposes. The tribunal accepted that such receipts were not recognised as sales until the project was completed, and that the assessee had a bona fide belief that tax audit was not required on that basis. As the default was not shown to be deliberate or contumacious, reasonable cause under section 273B was established and the penalty was deleted. Case-Laws Income Tax Mon, 27 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=441734