Taxpayer's Penalty Waived: Reasonable Cause for Non-Audit u/s 44AB, Sections 273B and 271B Considered.

Tax Audit - prescription of section 44AB of the Act was triggered only after AO rejected the assessee’s methodology of booking profit from its project - aving regard to the provisions of section 273B r.w.s. 271B of the Act, there was a reasonable cause prevailing with the assessee for not getting its accounts audited under section 44AB - penalty waived - AT .....

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