No Penalty U/s. 271B if assessee maintained books of account

Mohd. Imtiyaz Khan Prop Vs ITO (ITAT Lucknow) Whether penalty under section 271B of the Act could be levied in a case where the books of account were maintained by the assessee. The Hon’ble jurisdictional High Court in that case held that where no account has been maintained, section 271B does not get attracted and instead recourse under section 271A can be taken. It is an undisputed fact that this decision pertains to an assessee who was a Tractor Dealer. However, we find that in the instant case, the assessee before us is a Civil Contractor. The parameters of business are thus substant...