https://www.taxtmi.com/caselaws?id=772693 The SC/Tribunal examined penalty provisions under Income Tax Act for non-audit compliance. The assessee's turnover computation involving cancelled and resold flats was scrutinized. Finding the assessee's approach reasonable and consistent with tax principles, the Tribunal deleted the penalty under section 271B, accepting the explanation as reasonable cause under section 273B. The order confirmed the assessee's incremental income calculation and exempted from mandatory audit penalty. en-us Fri, 06 Jun 2025 00:00:00 +0530 Thu, 12 Jun 2025 07:21:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=772693 The SC/Tribunal examined penalty provisions under Income Tax Act for non-audit compliance. The assessee's turnover computation involving cancelled and resold flats was scrutinized. Finding the assessee's approach reasonable and consistent with tax principles, the Tribunal deleted the penalty under section 271B, accepting the explanation as reasonable cause under section 273B. The order confirmed the assessee's incremental income calculation and exempted from mandatory audit penalty. Case-Laws Income Tax Fri, 06 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=772693