https://www.taxtmi.com/caselaws?id=754366 ITAT Chennai allowed the assessee's appeal against penalty under section 271B for non-production of books of accounts. The tribunal held that since the assessee did not maintain books of accounts, the question of producing them before tax authorities did not arise. The penalty under section 271B was erroneous as it requires non-production of existing books. The appropriate penalty would be under section 271A for violation of section 44AA regarding maintenance of books. The tribunal directed deletion of the penalty. en-us Wed, 06 Mar 2024 00:00:00 +0530 Sat, 22 Jun 2024 08:36:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754366 ITAT Chennai allowed the assessee's appeal against penalty under section 271B for non-production of books of accounts. The tribunal held that since the assessee did not maintain books of accounts, the question of producing them before tax authorities did not arise. The penalty under section 271B was erroneous as it requires non-production of existing books. The appropriate penalty would be under section 271A for violation of section 44AA regarding maintenance of books. The tribunal directed deletion of the penalty. Case-Laws Income Tax Wed, 06 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754366