Penalty under Sec. 271A and Sec. 271B deleted where reasonable cause shown for not maintaining books under Sec. 44AA

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....ITAT held that the assessee, though required under Sec. 44AA read with Rule 6F to maintain books and have them audited, established reasonable cause for non-maintenance in the year in question; there was no material showing deliberate, contumacious or dishonest conduct. Consequently, as a one-time measure the penalty under Sec. 271A was deleted and consequential relief granted, subject to the assessee's future compliance with Sec. 44AA. ITAT further held that once non-maintenance under Sec. 271A is accepted, levy of penalty under Sec. 271B (audit default) does not arise and the Sec. 271B penalty was also deleted.....