https://www.taxtmi.com/caselaws?id=451159 ITAT Mumbai held that penalty under section 271B cannot be levied when penalty under section 271A has already been imposed for non-maintenance of books of accounts, directing deletion of the 271B penalty. The tribunal also deleted penalty under section 271(1)(c) for concealment of income particulars, finding no variation between returned and assessed income. The assessee had filed return declaring total income of Rs. 6,57,615 with deductions of Rs. 15,970 under Chapter VIA, which was accepted by AO without variation. Both penalty grounds were allowed in favor of the assessee. en-us Fri, 23 Feb 2024 00:00:00 +0530 Wed, 20 Mar 2024 10:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=451159 ITAT Mumbai held that penalty under section 271B cannot be levied when penalty under section 271A has already been imposed for non-maintenance of books of accounts, directing deletion of the 271B penalty. The tribunal also deleted penalty under section 271(1)(c) for concealment of income particulars, finding no variation between returned and assessed income. The assessee had filed return declaring total income of Rs. 6,57,615 with deductions of Rs. 15,970 under Chapter VIA, which was accepted by AO without variation. Both penalty grounds were allowed in favor of the assessee. Case-Laws Income Tax Fri, 23 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=451159