https://www.taxtmi.com/caselaws?id=779864 Penalty under section 271B deleted and appeal allowed. ITAT DELHI-AT held the assessee was eligible for registration under s.12A and exemption under s.10(46), and interest on FDs did not form part of gross receipts per ICAI guidance. Since the assessee was not engaged in business or profession, s.44AB audit provisions did not apply; earlier penalty under s.271A for non-maintenance of books was also set aside by a coordinate bench. Consequently, no obligation to get accounts audited arose and the penalty under s.271B was cancelled. en-us Fri, 10 Oct 2025 00:00:00 +0530 Tue, 14 Oct 2025 09:39:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=779864 Penalty under section 271B deleted and appeal allowed. ITAT DELHI-AT held the assessee was eligible for registration under s.12A and exemption under s.10(46), and interest on FDs did not form part of gross receipts per ICAI guidance. Since the assessee was not engaged in business or profession, s.44AB audit provisions did not apply; earlier penalty under s.271A for non-maintenance of books was also set aside by a coordinate bench. Consequently, no obligation to get accounts audited arose and the penalty under s.271B was cancelled. Case-Laws Income Tax Fri, 10 Oct 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=779864