https://www.taxtmi.com/caselaws?id=756850 The Tribunal ruled in favor of the appellant, directing the deletion of the Rs. 1.50 lakh penalty imposed under section 271B of the Income Tax Act. It concluded that section 44AB does not apply when income is exempt under section 10 and does not fall under "profits and gains of business or profession," thus nullifying the penalty. en-us Thu, 08 Aug 2024 00:00:00 +0530 Sat, 10 Aug 2024 09:05:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756850 The Tribunal ruled in favor of the appellant, directing the deletion of the Rs. 1.50 lakh penalty imposed under section 271B of the Income Tax Act. It concluded that section 44AB does not apply when income is exempt under section 10 and does not fall under "profits and gains of business or profession," thus nullifying the penalty. Case-Laws Income Tax Thu, 08 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756850