TaxTMI 
TaxTMI 
during assessment proceedings the second firm's profit was calculated as per sec 44AD.
Two firms but audit of the second was not conducted , will he be liable to penalty u/s 271B?
25 Feb 2019 
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Audit penalty applicability when audit omitted for a second firm and profit assessed under presumptive taxation scheme.
Whether liability to a penalty under section 271B arises for omission of the statutory audit of a second firm whose profit was computed during assessment under the presumptive taxation method of section 44AD. (AI Summary)
Whether liability to a penalty under section 271B arises for omission of the statutory audit of a second firm whose profit was computed during assessment under the presumptive taxation method of section 44AD. (AI Summary)