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2023 (9) TMI 671 - ITAT RAIPURPenalty u/s. 271B - assessee failed to get its accounts of the previous year - HELD THAT:- According to sub-clause (a) to Section 44AB of the Act, the audit is mandatory for every person carrying business if its turnover of the said assessee exceeds rupees sixty lakhs. Since in the present case, the turnover of the assessee was below rupees sixty lakhs, we are of the considered opinion that the audit u/s. 44AB of the Act in Form 3CA had to furnish the particulars in form 3CD are not required. Thus according to the provisions of sub-clause (a) to Section 44AB of the Act, the assessee is out of the ambit of mandatory requirement of audit u/s. 44AB of the Act. Therefore, the question of imposing penalty u/s. 271B of the Act for not getting the accounts audited u/s. 44AB of the Act, does not arise in the present case. Appeal of assessee allowed.
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