https://www.taxtmi.com/caselaws?id=783304 The ITAT Rajkot allowed the assessee's appeal and deleted the penalty imposed u/s 271B. It held that for the purposes of s.44AB, only the assessee's commission income, and not the entire freight amounts routed through its accounts and reflected in Form 26AS, constituted "gross receipts." The Tribunal accepted that the assessee functioned merely as a commission agent, passing on the bulk freight to transporters and retaining only commission. As the commission income did not exceed the statutory threshold under s.44AB, tax audit was not mandatory and penalty u/s 271B was unsustainable. en-us Thu, 27 Nov 2025 00:00:00 +0530 Sat, 13 Dec 2025 08:28:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=783304 The ITAT Rajkot allowed the assessee's appeal and deleted the penalty imposed u/s 271B. It held that for the purposes of s.44AB, only the assessee's commission income, and not the entire freight amounts routed through its accounts and reflected in Form 26AS, constituted "gross receipts." The Tribunal accepted that the assessee functioned merely as a commission agent, passing on the bulk freight to transporters and retaining only commission. As the commission income did not exceed the statutory threshold under s.44AB, tax audit was not mandatory and penalty u/s 271B was unsustainable. Case-Laws Income Tax Thu, 27 Nov 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=783304