No section 271B penalty if non-audit was due to Bonafide Belief that Accounts need not be Audited

Anunoy Mukherjee Vs ITO (ITAT Kolkata) Assessee is an individual and is engaged in the business of mobile recharging and earns income from commission from sale of such recharge coupons of Idea Cellular. Tax at source is deducted u/s 194C of the Act by the employer i.e., M/s. Ideal Cellular on the commission income on recharge coupons sold by the assessee. Income of Rs.4,21,640/- declared in the return filed for Assessment Year 2017-18 claiming TDS of 30,896/-. The case selected for limited scrutiny through CASS for the reason of cash deposit during the year. During the course of assessment pro...