2005 (4) TMI 243

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..... penalty under s. 271B of the Act of Rs. 20,155. 2. The total sales of the assessee as per P L a/c was Rs. 39,98,297. Besides that, interest receipt of Rs. 4,678 was also there. If both are taken together the total receipts exceeded Rs. 40 lakhs. But, the assessee entertained a belief it is only the turnover of the assessee which if exceeds Rs. 40 lakhs the accounts are to be audited. He, theref .....

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