Penalty u/s 271B not leviable as benefit of presumptive taxation upto Rs. 2 Crores available

Subhash Chand Saini Vs ITO (ITAT Jaipur) ITAT Jaipur held that penalty under section 271B of the Income Tax Act not leviable as the assessee is eligible to avail the benefit of presumptive taxation up to Rs. 2 Crores as per section 44D of the Income Tax Act. Facts- Assessee is engaged in the business of wholesale trading of vegetables during the year under consideration. AO on completion of assessment proceedings-initiated issued notice for penalty proceedings u/s 271 B for failure to file audit report as per provision of section 44AB of the Income Tax Act, as the turn over as declared in the ...