- The Income Tax Appellate Tribunal, Cuttack has deleted a penalty under Section 271B of the Income-tax Act, 1961, ruling that Ratan Kumar Kejriwal was not required to have his accounts audited as he was not engaged in any business activity. - Kejriwal, who reported losses from share trading without constituting a business, challenged the penalty confirmed by the CIT(A), NFAC, Delhi for Assessment Year 2013-14.