https://www.taxtmi.com/caselaws?id=57008 The Tribunal dismissed the Revenue's appeal, upholding the CIT(A)'s decision to cancel the penalty u/s 271B. It was determined that the assessee, operating as a transport booking agent akin to a Kuchha Arhatia, was not required to undergo audit u/s 44AB due to its commission-based turnover. The Tribunal emphasized the assessee's reasonable belief and lack of revenue loss, aligning with the principle that penalties should not be imposed for minor defaults or genuine beliefs, as per the Hindustan Steel Ltd. case. en-us Tue, 30 May 2000 00:00:00 +0530 Tue, 07 Dec 2010 18:07:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57008 The Tribunal dismissed the Revenue's appeal, upholding the CIT(A)'s decision to cancel the penalty u/s 271B. It was determined that the assessee, operating as a transport booking agent akin to a Kuchha Arhatia, was not required to undergo audit u/s 44AB due to its commission-based turnover. The Tribunal emphasized the assessee's reasonable belief and lack of revenue loss, aligning with the principle that penalties should not be imposed for minor defaults or genuine beliefs, as per the Hindustan Steel Ltd. case. Case-Laws Income Tax Tue, 30 May 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57008