https://www.taxtmi.com/caselaws?id=468743 Penalty under section 271A cannot be sustained unless the Revenue establishes that the assessee failed to maintain books as required under section 44AA. Where the assessee disclosed the business activity and filed a belated return along with the balance sheet, profit and loss account, and income computation, those statements necessarily indicated underlying books of account. As the Assessing Officer had also acknowledged receipt of these documents, the statutory precondition for penalty was not met and the penalty was cancelled. en-us Tue, 04 Feb 2025 00:00:00 +0530 Tue, 19 May 2026 18:56:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=468743 Penalty under section 271A cannot be sustained unless the Revenue establishes that the assessee failed to maintain books as required under section 44AA. Where the assessee disclosed the business activity and filed a belated return along with the balance sheet, profit and loss account, and income computation, those statements necessarily indicated underlying books of account. As the Assessing Officer had also acknowledged receipt of these documents, the statutory precondition for penalty was not met and the penalty was cancelled. Case-Laws Income Tax Tue, 04 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=468743