Penalty u/s 271B Not Applicable Due to Genuine Belief on Turnover Threshold Not Exceeding Rs. 40 Lakhs.

Levy of penalty u/s 271B - Failure to get accounts audited u/s 44AB - the claim of the Assessee that he was under reasonable and bona fide belief that his turnover did not exceed ₹ 40 lacs is clearly a bona fide claim on which no penalty is leviable u/s 271B. - AT .....

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