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2008 (2) TMI 315 - HIGH COURT PUNJAB AND HARYANACo-operative Credit & Service Society - As the total sale/gross receipts of the Society were more than 40 lacs, the Society was required to get its accounts audited by C.A. - penalty imposed u/s 271B for violation of the provisions of Section 44AB - ITAT has rightly deleted the penalty while recording a pure finding of fact to the effect that the assessee was under the bona fide belief that it was not required to get its accounts audited and such belief constituted reasonable cause u/s 273B
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