https://www.taxtmi.com/highlights?id=95079 ITAT allowed the assessee's appeal and deleted penalty levied u/s 271B. The assessee, an individual engaged in wholesale tea trading, contended that no books of account were maintained, hence the requirement of audit u/s 44AB and consequent penalty u/s 271B could not arise. Revenue asserted that books were maintained but failed to produce cogent evidence to substantiate this claim. Relying on HC precedent holding that s.271B is inapplicable where no books are maintained, ITAT held the penalty unsustainable and decided the matter in favour of the assessee. en-us Tue, 16 Dec 2025 08:19:37 +0530 Tue, 16 Dec 2025 08:19:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=95079 ITAT allowed the assessee's appeal and deleted penalty levied u/s 271B. The assessee, an individual engaged in wholesale tea trading, contended that no books of account were maintained, hence the requirement of audit u/s 44AB and consequent penalty u/s 271B could not arise. Revenue asserted that books were maintained but failed to produce cogent evidence to substantiate this claim. Relying on HC precedent holding that s.271B is inapplicable where no books are maintained, ITAT held the penalty unsustainable and decided the matter in favour of the assessee. Highlights Income Tax Tue, 16 Dec 2025 08:19:37 +0530 https://www.taxtmi.com/highlights?id=95079