Penalty u/s 271B deleted as assessee was not aware that section 44AB related to Tax Audit was applicable to him as he was only a commission agent ABCAUS Case Law Citation:ABCAUS 3757 (2023) (05) ITAT In the instant case, the assessee had challenged the order passed by the National Faceless Appeal Centre (“NFAC”) confirming the penalty levied by the  under section 271B of the Income Tax Act, 1961 (the Act) passed by the Assessing Officer (AO). The assessee was an individual engaged in retail trading of Dairy Products like milk, paneer, ghee, curd, etc. on day to day basis. The … Continue reading Penalty u/s 271B deleted as assessee was unaware of Tax Audit Provision