Audit u/s 44AB Not Required and Penalty u/s 271B Not Leviable When No Books of Account Maintained:...

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.