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2012 (10) TMI 569 - HC - Income TaxPenalty u/s 271B – Audit u/s 44AB - Whether Sec. 44AB is applicable where the assessee has no income from business or profession - Assessee is a Market Committee failed to get audit of books of account u/s 44AB - AO levied penalty u/s 271B – Held that:- Sec. 44AB becomes operative where there is computation of profits and gains of business or profession as a part of total income. As the income of the assessee was exempted u/s 10(20) which falls in Chapter III. There was no income of the assessee which would fall under heading "PGBP". Once that was so, it could not be said that the provisions of Sec. 44AB were applicable and as a sequel thereto, penalty u/s 271B was not leviable. Issue decides in favour of assessee
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