Penalty u/s 271B - Tax audit - failure to get books of accounts ...

Case Laws Income Tax

May 17, 2023

Penalty u/s 271B - Tax audit - failure to get books of accounts audited u/s 44AB - assessee did not maintain books of account u/s 44AA - Neither section 44AA and 44AB are in substitution of each other and nor the penalty levied u/s 271A and 271AB are in alternate or in substitution to each other. The separate and distinct provisions of section 44AA and 44AB of the Act not only apply on different class of persons but also on the different threshold of income/sales turnover. - Levy of penalty confirmed - AT

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Penalty u/s 271B - Tax audit - failure to get books of accounts ...

Case Laws Income Tax

May 17, 2023

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The ITAT considered a case involving Penalty u/s 271B for not auditing books as per section 44AB. The Assessee argued books were not updated by the due date for audit...

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Penalty U/s 271B - Failure to get accounts audited - Penalty confirmed - AT

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