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2014 (12) TMI 1336 - AT - Income TaxLevying penalty u/s 271B - reasonable cause which existed in not getting the accounts audited as provided u/s 44AB - failure to get account audited - Held that:- In the perspective of “reasonable cause” still it can be said that the assessee, under the facts available on record was under a “reasonable belief” that since in the case of a commission agent the assessee has received only commission charges, consequently, other reimbursable expenses are not to be includable as income of the assessee thus from this angle also the assessee was under a bona-fide belief that he is not to get his account audited since the income was below prescribed monetary limit. Thus, there was a reasonable cause in not getting the accounts audited, so from this angle also the penalty is not imposable. In view of these facts, the appeal of the assessee is allowed.
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