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Accordingly in view of the consist view taken by this Tribunal the turnover of the assessee would not exceed the limit as provided U/s 44AB, the penalty levied U/s 271B is deleted.

Shanti Prime Publication Pvt. Ltd.

Sec. 271B of Income Tax Act, 1961—Penalty— When the turnover of the assessee is less than the threshold limit provided under section 44AB, then the assessee is not required to get its books of account audited in terms of section 44AB and consequently the penalty provision of section 271B is not attracted, even otherwise, when this issue of ‘turnover’ is a debatable issue and the assessee has claimed this turnover if computed in terms of the Guidance Note of ICAI, then the said explanation of the assessee would be regarded as reasonable and bonafide as per the provisions of section 273B and consequently no penalty under section 271B is leviable - SANTOSH KUMAR V/s ITO - [2020] 27 ITCD Online 007 (ITAT-JAIPUR)