No Books, No Audit – ITAT strikes down 271B Penalty

Badri Narayan Choudhary Vs ITO (ITAT Jaipur) No Books, No Audit – ITAT strikes down 271B Penalty- No Audit without Books: When Books Don’t Exist, Audit Obligation Falls -Tribunal Quashed  Unjust Penalty  u/s 271B In this case there were two orders of penalty one related to 271A  &  other of 271B but the facts were same as decided by. CIT(A).  Assessee has already settled the dispute of levy of penalty as per 271A   under the DTVSV Act 2020  &  Assessee  did not prefer the appeal against the levy of 271B penalty. AO had levied the penalty because Assessee  has made tran...