https://www.taxtmi.com/caselaws?id=759130 ITAT Delhi held that penalty u/s 271B for failure to get accounts audited was not justified. The assessee was a small milk agent earning only commission from mother dairy sales, not actual sales revenue. The tribunal found that maintaining books was impractical given the nature of daily milk purchase and sale operations where the assessee merely collected payments and remitted to mother dairy while retaining commission. Since gross income comprised only commission earnings rather than total sales, and considering the practical difficulties in maintaining books for such agency operations, the penalty was deleted in favor of the assessee. en-us Wed, 14 Aug 2024 00:00:00 +0530 Wed, 25 Sep 2024 08:01:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759130 ITAT Delhi held that penalty u/s 271B for failure to get accounts audited was not justified. The assessee was a small milk agent earning only commission from mother dairy sales, not actual sales revenue. The tribunal found that maintaining books was impractical given the nature of daily milk purchase and sale operations where the assessee merely collected payments and remitted to mother dairy while retaining commission. Since gross income comprised only commission earnings rather than total sales, and considering the practical difficulties in maintaining books for such agency operations, the penalty was deleted in favor of the assessee. Case-Laws Income Tax Wed, 14 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759130