ITAT Chennai Deletes Section 271B Penalty for Commission Agent – Audit Not Required When Income Below Threshold

Parasuraman Vs ITO (ITAT Chennai) ITAT Chennai deletes penalty u/s 271B – commission agent not liable for audit when only earning commission income Assessee, an individual from Cuddalore, filed his return for AY 2022-23 declaring income of ₹ 5,04,770 from commission business. He acted as an agent collecting stamp-duty payments from the public & remitting them to the Tamil Nadu Registration Department, earning a small commission thereon. During scrutiny assessment u/s 143(3) r.w.s. 144B, the AO accepted the Assessee’s explanation for cash deposits & the business model, concluding ...