https://www.taxtmi.com/caselaws?id=443177 The ITAT set aside the penalty imposed under section 271B of the Income Tax Act on an individual engaged in retail trading, tailoring, and stitching, who failed to get accounts audited as required by section 44AB. Despite the turnover exceeding the limit, the ITAT considered the appellant's bonafide belief and lack of maintained accounts, following a judgment of the Allahabad HC. Consequently, the ITAT ruled that imposing a penalty for not auditing accounts when none were kept was impractical, overturning the penalties imposed by the AO and CIT(A) and allowing the appellant's appeal. en-us Fri, 15 Sep 2023 00:00:00 +0530 Sat, 16 Sep 2023 13:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=443177 The ITAT set aside the penalty imposed under section 271B of the Income Tax Act on an individual engaged in retail trading, tailoring, and stitching, who failed to get accounts audited as required by section 44AB. Despite the turnover exceeding the limit, the ITAT considered the appellant's bonafide belief and lack of maintained accounts, following a judgment of the Allahabad HC. Consequently, the ITAT ruled that imposing a penalty for not auditing accounts when none were kept was impractical, overturning the penalties imposed by the AO and CIT(A) and allowing the appellant's appeal. Case-Laws Income Tax Fri, 15 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=443177