Section 273B of ITA, 1961 : Section 273B: Penalty Not To Be Imposed In Certain Cases

Explanation using Example

Imagine a small business owner, Mr. Sharma, who failed to maintain books of account as required under section 271A of the Income-tax Act, 1961. The Income Tax Department initiated penalty proceedings against him. However, Mr. Sharma was able to provide evidence that his accountant had been hospitalized due to a severe illness during the time when the books should have been maintained, and he coul...

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