https://www.taxtmi.com/caselaws?id=55010 The ITAT allowed the appeals of the assessees, ruling in their favor by canceling the penalties imposed under s. 271B of the IT Act. The Tribunal determined that the assessees were not obligated to maintain books of accounts under s. 44AE, and their receipts did not violate s. 44AB, as they only received commissions from transactions involving trucks owned by others. en-us Wed, 18 Aug 2004 00:00:00 +0530 Mon, 01 Jul 2024 12:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55010 The ITAT allowed the appeals of the assessees, ruling in their favor by canceling the penalties imposed under s. 271B of the IT Act. The Tribunal determined that the assessees were not obligated to maintain books of accounts under s. 44AE, and their receipts did not violate s. 44AB, as they only received commissions from transactions involving trucks owned by others. Case-Laws Income Tax Wed, 18 Aug 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55010