Penalty u/s.271B not Leviable when Assessee engaged in business of trading, financing, reality and commodities had not Maintained Books of Accounts: ITAT [Read Order]

By Fathima Karama A.M - On September 19, 2023 3:00 pm - 2 mins read
Penalty - Leviable - Assessee- engaged - business - trading-financing-reality - commodities - Maintained- Books - Accounts-ITAT-TAXSCAN

The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has held that the penalty under Section 271B of the Income Tax Act 1961, would not be leviable when the assessee engaged in the business of trading, financing, reality and commodities had not maintained the books of accounts. Assessee, Varadagovind Parthasarthy Iyer had filed return of…

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