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2023 (3) TMI 1036 - AT - Income TaxPenalty imposed u/s 271A - assessee has not maintained books of account as mandated u/s 44AA - HELD THAT:- In the instant case there is no income from business or profession received by the assessee which exceeds Rs.1,20,000/-. Therefore, maintenance of books of account u/s 44AA of the Act is not mandated for the assessee. Hence, the imposition of penalty u/s 271A of the Act for non-maintenance of books of account is not warranted and we delete the same - Appeal filed by the assessee is allowed.
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