https://www.taxtmi.com/caselaws?id=441982 The Appellate Tribunal allowed the assessee's appeal, setting aside the penalty imposed by the Assessing Officer and upheld by the Commissioner of Income-Tax (Appeals) under Section 271B of the Income-tax Act. The Tribunal ruled in favor of the assessee, determining that the accounts audit was not mandatory as the turnover did not exceed the specified threshold limit as per Section 44AB of the Act. Consequently, the penalty of Rs. 61,365/- was vacated. en-us Fri, 18 Aug 2023 00:00:00 +0530 Tue, 22 Aug 2023 09:11:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=441982 The Appellate Tribunal allowed the assessee's appeal, setting aside the penalty imposed by the Assessing Officer and upheld by the Commissioner of Income-Tax (Appeals) under Section 271B of the Income-tax Act. The Tribunal ruled in favor of the assessee, determining that the accounts audit was not mandatory as the turnover did not exceed the specified threshold limit as per Section 44AB of the Act. Consequently, the penalty of Rs. 61,365/- was vacated. Case-Laws Income Tax Fri, 18 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=441982