TMI Blog2009 (9) TMI 231X X X X Extracts X X X X X X X X Extracts X X X X ..... ooks of accounts are maintained on this ground the Tribunal is justified by cancelling the penalty imposed under section 271B of the Act. The appeal is dismissed. – Decision in favor of assessee – against the revenue - 89 of 2000 - - - Dated:- 10-9-2009 - R. K. AGRAWAL and SHASHI KANT GUPTA JJ. A. N. Mahajan, A. Kumar, B. J. Agarwal, D. Awasthi, G. Krishna, R. K. Upadhayay and S. Chopra for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ract work at Rs.1,24,69,486 has failed to maintain books of account and has not got his accounts audited under section 44AB of the Income-tax Act. Thereafter, the assessee has violated the provisions contained in both the sections and he is liable for penal action both under sections 271A and 271B of the Income-tax Act, 1961?" 2. Briefly stated the facts giving rise to the present appeal are a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sioner of Income-tax (Appeals) who vide order dated July 28 1993, cancelled the penalty which order has been upheld by the Tribunal. 4. We have heard Sri A. N. Mahajan, learned standing counsel for the Revenue and Sri R. R. Kapoor, learned counsel appearing for the respondent assessee. 5. Sri Mahajan contended that the Tribunal has erred in law while upholding order of the Commissioner of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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