No Penalty u/s 271B for non Tax Audit when AO treated capital gain as business income
February 14, 2024
Income Tax, ITAT
No Penalty u/s 271B for non Tax Audit when AO treated capital gain transaction as business income In a recent judgment, ITAT has deleted penalty u/s 271B for failure to get accounts audited u/s 44Ab of the Income Tax Act, 1961 (the Act) where Assessing Officer (AO) has …