No Double Penalty for Same Default Under Sections 271A and 271B: ITAT Chennai

Rcube Amalgamations Vs DCIT (ITAT Chennai) No Double Penalty for Same Default: ITAT Chennai Deletes Section 271B Penalty Where Penalty under Section 271A Already Levied The Chennai Bench of the ITAT allowed the assessee’s appeal for AY 2017-18 and deleted the penalty of ₹1.50 lakh levied under section 271B for failure to furnish audit report under section 44AB. The Tribunal held that once penalty had already been imposed under section 271A for non-maintenance of books of account, a further penalty under section 271B could not be sustained. The assessee explained that books of account could...