https://www.taxtmi.com/caselaws?id=777949 ITAT (DELHI) allowed the appeal and set aside the penalty under s.271A for failure to maintain books, finding reasonable cause in the assessee's reliance on ICAI guidance for computing F&O turnover. The tribunal held the Income Tax Act lacks specific provision for F&O turnover, that reliance on the professional guidance justified non-maintenance of books, and the penalty imposed by the AO was unwarranted under s.274. en-us Fri, 29 Aug 2025 00:00:00 +0530 Mon, 08 Sep 2025 13:37:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=777949 ITAT (DELHI) allowed the appeal and set aside the penalty under s.271A for failure to maintain books, finding reasonable cause in the assessee's reliance on ICAI guidance for computing F&O turnover. The tribunal held the Income Tax Act lacks specific provision for F&O turnover, that reliance on the professional guidance justified non-maintenance of books, and the penalty imposed by the AO was unwarranted under s.274. Case-Laws Income Tax Fri, 29 Aug 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=777949