https://www.taxtmi.com/caselaws?id=446248 ITAT Visakhapatnam held that penalty under section 271B for non-audit of books cannot be imposed on an agent collecting payments for telecom principal. The assessee, acting as service provider for telecom company, collected cash deposits from customers exceeding audit threshold but earned commission below threshold limit. ITAT found reasonable cause under section 273B as assessee had bonafide belief audit wasn't required since commission income was below threshold. Following coordinate bench precedent, penalty was deleted as cash deposits were collected on behalf of principal, not as assessee's turnover. en-us Fri, 14 Jul 2023 00:00:00 +0530 Tue, 28 Nov 2023 08:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446248 ITAT Visakhapatnam held that penalty under section 271B for non-audit of books cannot be imposed on an agent collecting payments for telecom principal. The assessee, acting as service provider for telecom company, collected cash deposits from customers exceeding audit threshold but earned commission below threshold limit. ITAT found reasonable cause under section 273B as assessee had bonafide belief audit wasn't required since commission income was below threshold. Following coordinate bench precedent, penalty was deleted as cash deposits were collected on behalf of principal, not as assessee's turnover. Case-Laws Income Tax Fri, 14 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446248