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2012 (7) TMI 430 - ITAT, MUMBAIPenalty u/s 271B - Failure to get its accounts audited - income as “Business income” instead of “capital gain” claimed by the assessee - exceeding the monetary limit of Rs.40.00 lakh prescribed u/s 44AB - Held that:- The requirement to gets the accounts audited and furnish audit report has arisen because of the change in the head under which income from sale of shares was offered by the assessee. As the assessee declared income from sale of shares under the head 'Capital gains’ and the acceptance by the Revenue of income from sale of shares as capital gain in the immediately preceding year constituted a bona fide ground for the assessee to entertain a belief that such income was liable to be taxed under the head capital gain and not as business income. Once this view is accepted, then failure of the assessee to get its account audited and furnish the audit report, constitutes reasonable cause for default - deletion of penalty - in favour of assessee.
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