https://www.taxtmi.com/caselaws?id=783748 Penalty under section 271A was held unsustainable where the assessee had maintained books of account and the alleged defect concerned only their timeliness, correctness, or completeness, not a total failure to keep books. The books were audited under section 44AB and the audited financial statements were available before the authorities, supporting the view that the statutory maintenance requirement had substantially been met. The ruling also applied the principles of reasonable cause and bona fide belief under section 273B, with the result that the penalty was directed to be deleted. en-us Fri, 19 Dec 2025 00:00:00 +0530 Mon, 22 Dec 2025 07:49:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=783748 Penalty under section 271A was held unsustainable where the assessee had maintained books of account and the alleged defect concerned only their timeliness, correctness, or completeness, not a total failure to keep books. The books were audited under section 44AB and the audited financial statements were available before the authorities, supporting the view that the statutory maintenance requirement had substantially been met. The ruling also applied the principles of reasonable cause and bona fide belief under section 273B, with the result that the penalty was directed to be deleted. Case-Laws Income Tax Fri, 19 Dec 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=783748