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2008 (2) TMI 356 - PUNJAB AND HARYANA HIGH COURTDuring assessment proceedings it was noticed that gross turnover of assessee exceeded Rs. 40 lakhs, but assessee has not get its accounts audited - Tribunal has recorded a finding of fact that, the assessee under a bona fide belief did not get its accounts audited from the chartered accountant or from the inspector of co-operative societies because the sales turnover of the assessee were less than Rs. 40 lakhs – hence penalty was rightly cancelled by ITAT
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