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Penalty Waived for Assessee: Misunderstanding on Sale Transaction as Capital Gains is Reasonable Cause u/s 271B.

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....Penalty u/s 271B - the assessee did not get the accounts audited u/s 44AB since he was under the bonafide impression that sale transaction of litigated land as capital gains but not business and the same appears to be reasonable cause as required u/s 271B - Penalty waived.....

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Penalty Waived for Assessee: Misunderstanding on Sale Transaction as Capital Gains is Reasonable Cause u/s 271B.