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Income Tax - Highlights / Catch Notes

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Income Tax - Penalty levied u/s 271B - not getting the books of account...

Income Tax
13-12-2021

Penalty levied u/s 271B - not getting the books of account audited u/s 44AB - The assessee society is also running an educational institution and was under the bonafide belief that since it is not carrying out any business or commercial activity, provisions of section 44AB of the Act are not attracted. In the instant case penalty u/s 271B of the Act was not leviable and we accordingly delete the penalty levied u/s 271B of the Act. - AT

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