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

Educational Society's Audit Penalty u/s 271B Overturned; Not Engaged in Business Activities, No Penalty Applicable.

December 13, 2021

Case Laws Income Tax AT

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

Educational Society's Audit Penalty u/s 271B Overturned; Not Engaged in Business Activities, No Penalty Applicable.

December 13, 2021

Case Laws Income Tax AT

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