https://www.taxtmi.com/caselaws?id=778744 A section 8 company formed for charitable objectives and registered under section 12AA was treated as not carrying on business in the sense contemplated by section 44AB. On that factual basis, the statutory tax audit requirement did not apply, so alleged non-compliance could not support penalty under section 271B. The text states that the penalty was therefore unsustainable and was directed to be deleted. en-us Tue, 21 Jan 2025 00:00:00 +0530 Mon, 22 Sep 2025 08:33:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=778744 A section 8 company formed for charitable objectives and registered under section 12AA was treated as not carrying on business in the sense contemplated by section 44AB. On that factual basis, the statutory tax audit requirement did not apply, so alleged non-compliance could not support penalty under section 271B. The text states that the penalty was therefore unsustainable and was directed to be deleted. Case-Laws Income Tax Tue, 21 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=778744