Held that the assessee, a distributor of the\u00a0 Mother Dairy and Vegetables Pvt Ltd\u00a0 \u00a0and a retired army personnel, was under the bona fide belief that no books of account were required to be maintained since the only source of earning income was commission as fixed by the Mother Dairy and Vegetables Pvt Ltd\u00a0 \u00a0on the sale of milk and other products, and there was no need of any audit of accounts. Therefore, the penalty was not leviable. \u00a0Penalty is deleted. \u00a0(AY.2017-18)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 271B :Penalty-Failure to get accounts audited-Running a milk booth for distribution of products of Mother Dairy and Vegetables Pvt Ltd-Commission income-Bona fide belief-Penalty is not leviable. [S.44AB, 273B] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-51452","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-dnS","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/51452","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=51452"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/51452\/revisions"}],"predecessor-version":[{"id":51453,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/51452\/revisions\/51453"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=51452"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=51452"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=51452"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}