https://www.taxtmi.com/caselaws?id=202095 Penalty for failure to obtain a tax audit was treated as timely where the statutory limitation period was computed under the applicable penalty framework, including the relevant completion and appellate-order dates. Records comprising party-wise registers, cash sales records and purchase registers were treated as books of account; therefore, failure to audit existing books attracted penalty for non-audit rather than the provision applicable where no books are maintained. Audit liability depended on turnover exceeding the prescribed threshold, not merely on commission receipts. A mistaken belief that commission income alone was relevant did not constitute reasonable cause for non-compliance. en-us Tue, 23 Sep 2008 00:00:00 +0530 Thu, 21 May 2026 11:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=202095 Penalty for failure to obtain a tax audit was treated as timely where the statutory limitation period was computed under the applicable penalty framework, including the relevant completion and appellate-order dates. Records comprising party-wise registers, cash sales records and purchase registers were treated as books of account; therefore, failure to audit existing books attracted penalty for non-audit rather than the provision applicable where no books are maintained. Audit liability depended on turnover exceeding the prescribed threshold, not merely on commission receipts. A mistaken belief that commission income alone was relevant did not constitute reasonable cause for non-compliance. Case-Laws Income Tax Tue, 23 Sep 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=202095