Assessee was under bona fide belief of not liable for tax audit, penalty deleted
Jan. 13, 2016
Assessee was Govt. appointed licensed vendor for sale of stamps. AO held, total value of stamps was assessee's turnover & he was liable for audit u/s 44AB. On non-compliance AO levied penalty u/s 271B. On appeal, CIT(A) held AO justified in levying penalty. On appeal ITAT held, Govt. retained over all control over stamps, assessee was under bona fide belief of being not liable for audit of a/c u/s 44AB, thus, penalty imposed u/s 271B was deleted.