https://www.taxtmi.com/caselaws?id=753305 ITAT Dehradun allowed the assessee's appeal and deleted penalty imposed under Section 271B. The tribunal held that penalty under Section 271B for non-audit of accounts is not applicable when books of accounts are not maintained by the assessee. Following the precedent in Bisauli Tractor case, the tribunal ruled that only penalty under Section 271A applies for failure to maintain books of accounts, not Section 271B which specifically relates to audit requirements. The penalty under Section 271B was deleted in all three appeals. en-us Mon, 27 May 2024 00:00:00 +0530 Wed, 29 May 2024 11:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753305 ITAT Dehradun allowed the assessee's appeal and deleted penalty imposed under Section 271B. The tribunal held that penalty under Section 271B for non-audit of accounts is not applicable when books of accounts are not maintained by the assessee. Following the precedent in Bisauli Tractor case, the tribunal ruled that only penalty under Section 271A applies for failure to maintain books of accounts, not Section 271B which specifically relates to audit requirements. The penalty under Section 271B was deleted in all three appeals. Case-Laws Income Tax Mon, 27 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753305