Levy of Penalty u/s. 271B for failure to get accounts audited ...

Income Tax

March 21, 2024

Levy of Penalty u/s. 271B for failure to get accounts audited u/s 44AB - The ITAT held that once a penalty has been levied under Section 271A for non-maintenance of books of accounts, no penalty under Section 271B can be levied. - Citing precedents and relevant case law, the Tribunal emphasized that Section 271B is not applicable when no accounts have been maintained, and recourse to Section 271A should be taken instead.

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Levy of Penalty u/s. 271B for failure to get accounts audited ...

Income Tax

March 21, 2024

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