https://www.taxtmi.com/caselaws?id=464495 ITAT JAIPUR - AT allowed the appeal and deleted penalty under section 271A for non-maintenance of books, holding penalty not leviable where the assessee had furnished audited accounts to the AO and could not produce original books due to loss. Although the AO had applied a 2% gross profit rate for trading addition and had not initiated s.271A proceedings initially, and the ld. CIT(A) directed initiation, the Tribunal found deletion appropriate given the substituted evidence and circumstances. en-us Tue, 16 Aug 2016 00:00:00 +0530 Sat, 01 Nov 2025 12:09:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=464495 ITAT JAIPUR - AT allowed the appeal and deleted penalty under section 271A for non-maintenance of books, holding penalty not leviable where the assessee had furnished audited accounts to the AO and could not produce original books due to loss. Although the AO had applied a 2% gross profit rate for trading addition and had not initiated s.271A proceedings initially, and the ld. CIT(A) directed initiation, the Tribunal found deletion appropriate given the substituted evidence and circumstances. Case-Laws Income Tax Tue, 16 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=464495