Provisions of section 44AB not applicable when assessee's income exempt u/s 10; consequently, penalty...

Provisions of section 44AB not applicable when assessee's income exempt u/s 10; consequently, penalty u/s 271B not leviable for non-audit of accounts u/s 44AB. Dividend income claimed exempt u/s 10(34), accepted in assessment order. As income not taxable under "profits and gains of business or profession", sections 44AB and 271B inapplicable, following Market Committee, Sirsa case. Decided in assessee's favor. .....

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