https://www.taxtmi.com/caselaws?id=757774 The ITAT AGRA-AT allowed the assessee's appeal against penalty u/s 271B for failure to conduct mandatory audit under section 44AB. The assessee, a retired army personnel working as Mother Dairy distributor, earned only commission income and genuinely believed no audit was required. The AO relied on information from Mother Dairy collected at the assessment's end without confronting the assessee. The Tribunal found the assessee's belief was bona fide, invoking section 273B immunity provisions. The penalty was held legally untenable as the assessee established reasonable cause for non-compliance. en-us Wed, 12 Jun 2024 00:00:00 +0530 Mon, 02 Sep 2024 08:25:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757774 The ITAT AGRA-AT allowed the assessee's appeal against penalty u/s 271B for failure to conduct mandatory audit under section 44AB. The assessee, a retired army personnel working as Mother Dairy distributor, earned only commission income and genuinely believed no audit was required. The AO relied on information from Mother Dairy collected at the assessment's end without confronting the assessee. The Tribunal found the assessee's belief was bona fide, invoking section 273B immunity provisions. The penalty was held legally untenable as the assessee established reasonable cause for non-compliance. Case-Laws Income Tax Wed, 12 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757774