https://www.taxtmi.com/caselaws?id=758542 ITAT Chennai-AT ruled on penalty provisions under sections 271(1)(c) and 271A. The penalty under section 271(1)(c) was quashed as invalid because the AO issued the penalty notice on 19.12.2019 when no proceedings were pending against the assessee, whereas it should have been issued on 13.12.2019 when proceedings existed. However, penalty under section 271A was upheld as the assessee failed to maintain books of accounts as required under Rule-6F of IT rules read with section 44AA, confirming non-compliance with mandatory record-keeping requirements. en-us Fri, 30 Aug 2024 00:00:00 +0530 Sat, 14 Sep 2024 13:20:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758542 ITAT Chennai-AT ruled on penalty provisions under sections 271(1)(c) and 271A. The penalty under section 271(1)(c) was quashed as invalid because the AO issued the penalty notice on 19.12.2019 when no proceedings were pending against the assessee, whereas it should have been issued on 13.12.2019 when proceedings existed. However, penalty under section 271A was upheld as the assessee failed to maintain books of accounts as required under Rule-6F of IT rules read with section 44AA, confirming non-compliance with mandatory record-keeping requirements. Case-Laws Income Tax Fri, 30 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758542