https://www.taxtmi.com/caselaws?id=60071 The Tribunal allowed the appeal, canceling the penalty of Rs. 20,373 imposed under section 271B of the Income-tax Act, 1961. The appellant's reliance on professional advice and compliance with the Audit Officer's acceptance of their accounts supported the finding that the penalty was unwarranted as their sales turnover did not exceed the threshold specified in section 44AB. The correct sales turnover was determined to be Rs. 39,07,708, below the Rs. 40 lakhs threshold, leading to the conclusion that section 44AB was inapplicable. en-us Thu, 29 Oct 1992 00:00:00 +0530 Mon, 03 Jan 2011 15:51:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60071 The Tribunal allowed the appeal, canceling the penalty of Rs. 20,373 imposed under section 271B of the Income-tax Act, 1961. The appellant's reliance on professional advice and compliance with the Audit Officer's acceptance of their accounts supported the finding that the penalty was unwarranted as their sales turnover did not exceed the threshold specified in section 44AB. The correct sales turnover was determined to be Rs. 39,07,708, below the Rs. 40 lakhs threshold, leading to the conclusion that section 44AB was inapplicable. Case-Laws Income Tax Thu, 29 Oct 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60071