https://www.taxtmi.com/caselaws?id=442975 The Tribunal quashed the penalty of Rs. 1,00,000/- imposed under Section 271B for assessment years 1993-94, 1994-95, and 1995-96. It held that the assessee, already penalized under Section 271A for not maintaining books of accounts, should not be penalized under Section 271B for failing to audit non-existent books. The Tribunal referenced a judgment by the HC of Allahabad supporting this view. The issues of lack of opportunity to be heard and the penalty order being barred by limitation were not addressed in detail, as the penalty was quashed on the primary ground. en-us Thu, 24 Aug 2023 00:00:00 +0530 Wed, 27 Dec 2023 11:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=442975 The Tribunal quashed the penalty of Rs. 1,00,000/- imposed under Section 271B for assessment years 1993-94, 1994-95, and 1995-96. It held that the assessee, already penalized under Section 271A for not maintaining books of accounts, should not be penalized under Section 271B for failing to audit non-existent books. The Tribunal referenced a judgment by the HC of Allahabad supporting this view. The issues of lack of opportunity to be heard and the penalty order being barred by limitation were not addressed in detail, as the penalty was quashed on the primary ground. Case-Laws Income Tax Thu, 24 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=442975