https://www.taxtmi.com/caselaws?id=55801 The Appellate Tribunal allowed the appeal filed by the assessee against the penalty imposed under section 271B for the assessment year 1990-91. The Tribunal held that the assessee's belief that turnover of share dealings should not be included for section 44AB applicability was reasonable, supported by a Board's Circular. As no penalty proceedings were initiated in past assessments and the assessee had a bona fide belief, the penalty was canceled based on reasonable cause under section 271B. en-us Thu, 30 Nov 2000 00:00:00 +0530 Tue, 30 Nov 2010 11:56:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55801 The Appellate Tribunal allowed the appeal filed by the assessee against the penalty imposed under section 271B for the assessment year 1990-91. The Tribunal held that the assessee's belief that turnover of share dealings should not be included for section 44AB applicability was reasonable, supported by a Board's Circular. As no penalty proceedings were initiated in past assessments and the assessee had a bona fide belief, the penalty was canceled based on reasonable cause under section 271B. Case-Laws Income Tax Thu, 30 Nov 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55801