https://www.taxtmi.com/caselaws?id=780864 ITAT, Chennai (AT) held that penalty under s. 271B for failure to furnish tax audit report u/s. 44AB was not tenable because the assessee's transactions were exclusively with its members and constituted mutuality, not "business or profession." The AO had accepted returned income on mutuality and activities were reported under GST. Since s. 44AB applies only to income from business or profession, the penalty could not be sustained. The Tribunal found the CIT(A) erred in upholding the penalty and allowed the assessee's appeal. en-us Thu, 16 Oct 2025 00:00:00 +0530 Fri, 07 Nov 2025 08:37:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=780864 ITAT, Chennai (AT) held that penalty under s. 271B for failure to furnish tax audit report u/s. 44AB was not tenable because the assessee's transactions were exclusively with its members and constituted mutuality, not "business or profession." The AO had accepted returned income on mutuality and activities were reported under GST. Since s. 44AB applies only to income from business or profession, the penalty could not be sustained. The Tribunal found the CIT(A) erred in upholding the penalty and allowed the assessee's appeal. Case-Laws Income Tax Thu, 16 Oct 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=780864