https://www.taxtmi.com/caselaws?id=764504 ITAT Delhi held that penalty under Section 271B for failure to get accounts audited under Section 44AB was not applicable where the assessee had not maintained books of account. Following the Bisauli Tractor precedent, the tribunal ruled that Section 271B provisions are not attracted when no books are maintained, and the appropriate recourse would be under Section 271A instead. The penalty was deleted as unsustainable in law and the assessee's appeal was allowed. en-us Thu, 09 Jan 2025 00:00:00 +0530 Fri, 10 Jan 2025 14:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764504 ITAT Delhi held that penalty under Section 271B for failure to get accounts audited under Section 44AB was not applicable where the assessee had not maintained books of account. Following the Bisauli Tractor precedent, the tribunal ruled that Section 271B provisions are not attracted when no books are maintained, and the appropriate recourse would be under Section 271A instead. The penalty was deleted as unsustainable in law and the assessee's appeal was allowed. Case-Laws Income Tax Thu, 09 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764504