Assessee didn't keep books of account, so penalty u/s 271B is incorrect. Penalty revoked.

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....The ITAT, an Appellate Tribunal, addressed the issue of penalty u/s 271B for failure to maintain and audit books of accounts under section 44AB. The assessee did not maintain books of account, leading to a violation of section 44AA. The penalty under section 271B was imposed for non-submission of books, despite the assessee not having any to produce. The Tribunal found the penalty imposed by the Assessing Officer to be erroneous, directing its deletion. The assessee's appeal was allowed.....