Tribunal held that the explanation given by the assessee being not satisfactory levy of penalty is held to be justified . ( AY.2013-14)
Sanghamitra Pattnaik (Smt.) v. ITO (2020) 79 ITR 46 (SN) / 117 taxmann.com 179( Cuttack ) (Trib)
S. 271A : Penalty – Failure to keep maintain – Retain books of accounts –Documents – Failure to produce books of account – Levy of penalty is held to be justified .[ S.44AA, 273B ]