https://www.taxtmi.com/caselaws?id=460659 The Tribunal partially allowed the appeal concerning penalties under the Income-tax Act for the assessment year 2010-11. It upheld the penalty under section 271A for non-maintenance of books of account, reducing the amount to Rs. 25,000. However, it deleted the penalty under section 271B, as the requirement for an audit under section 44AB presupposes the existence of books, which were not maintained. The decision provided a relief of Rs. 1,25,000 to the assessee, reinforcing that penalties under sections 271A and 271B are distinct and dependent on the maintenance of books. en-us Wed, 01 Jan 2020 00:00:00 +0530 Sat, 08 Feb 2025 16:30:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=460659 The Tribunal partially allowed the appeal concerning penalties under the Income-tax Act for the assessment year 2010-11. It upheld the penalty under section 271A for non-maintenance of books of account, reducing the amount to Rs. 25,000. However, it deleted the penalty under section 271B, as the requirement for an audit under section 44AB presupposes the existence of books, which were not maintained. The decision provided a relief of Rs. 1,25,000 to the assessee, reinforcing that penalties under sections 271A and 271B are distinct and dependent on the maintenance of books. Case-Laws Income Tax Wed, 01 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=460659