Non- maintenance of books of account implies no audit of account done: ITAT deletes penalty for u/s 271B [Read Order]

Non- maintenance - Books of account - Audit of account - ITAT - Delets - penalty - taxscan

The Delhi bench of Income Tax Appellate Tribunal (ITAT) held that, if the assessee was not guilty of non-maintaining of books of accounts, the presumption would be that he shall not required to maintain the books of accounts and directed the Assessing authority to delete the penalty. The assessee Sh.Taranjeet Singh Alagh in this case…

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