https://www.taxtmi.com/highlights?id=84789 Penalty u/s 271B for failure to get accounts audited as required u/s 44AB was not levied. The assessee argued that since no accounts were maintained, recourse u/s 271A could be taken. Following the Bisauli Tractor [2007 (5) TMI 181 - Allahabad HC] precedent, the ITAT held that Section 271B was not attracted as the assessee did not maintain books of account, and the assessee was liable u/s 271A. Consequently, the ITAT allowed the assessee's appeal and deleted the impugned penalty u/s 271B. en-us Sat, 11 Jan 2025 08:46:29 +0530 Sat, 11 Jan 2025 08:46:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=84789 Penalty u/s 271B for failure to get accounts audited as required u/s 44AB was not levied. The assessee argued that since no accounts were maintained, recourse u/s 271A could be taken. Following the Bisauli Tractor [2007 (5) TMI 181 - Allahabad HC] precedent, the ITAT held that Section 271B was not attracted as the assessee did not maintain books of account, and the assessee was liable u/s 271A. Consequently, the ITAT allowed the assessee's appeal and deleted the impugned penalty u/s 271B. Highlights Income Tax Sat, 11 Jan 2025 08:46:29 +0530 https://www.taxtmi.com/highlights?id=84789