No Penalty for Non-Audit under Section 271B without Bookkeeping Requirement

Taranjeet Singh Alagh Vs ITO (ITAT Delhi) In the case of Taranjeet Singh Alagh vs ITO (ITAT Delhi), a significant decision was made regarding the implications of non-maintenance of books of accounts on account audits. The case became pivotal in understanding and interpreting the penalties under section 271B of the Income Tax Act. This article offers a detailed analysis of the case and its impact. The Income Tax Appellate Tribunal (ITAT) Delhi, in the case, provided an important clarification on penalties under section 271B. The case revolved around the issue of whether a penalty could be impos...