Taxpayer Penalized u/s 271B for Skipping Mandatory Audit Despite High Receipts; Bona Fide Claim Rejected.

Penalty u/s 271B - no tax audit conducted u/s 44AB - bonafide belief - When Gross profit is more than Rs.4 crores, it means the Gross Receipts were definitely more than Rs.1 crores - Assessee in the case has receipts more than Rs.1 crores. Therefore, the assessee was under obligation to audit the books of account as per section 44AB of the Act - any amount above Rs.1 crores will attract minimum penalty of Rs.1,50,000/- - AT .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X