Deciding two connected writ petitions arising from a common Industrial Tribunal Award, the Delhi High Court set aside the Tribunal's direction granting hotel workmen a further…
Labour Laws
06/09/20264 min read
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Audit u/s 44AB Not Required and Penalty u/s 271B Not Leviable When No Books of Account Maintained:...
Income TaxOther Legal Matters
The ITAT has ruled that an audit under Section 44AB is not required, and a "penalty under Section 271B is not leviable when no books of account are maintained." The tribunal's decision provides a significant victory for the taxpayer. The ruling clarifies that a taxpayer cannot be penalized for not maintaining books of account if the law does not require them to do so.
