https://www.taxtmi.com/article/detailed?id=669 Section 44AB requires a person carrying on business to obtain audited accounts when his total sales, turnover or gross receipts exceed the prescribed threshold; the obligation attaches to the person and ordinarily requires aggregation of turnover across concerns. Penalty under the tax penalty provision depends on the assessee's bona fide belief, first-time default, absence of gain, and circumstances such as professional advice; a genuine mistaken belief about unit-wise application may negate penalty liability. en-us Mon, 08 Feb 2010 00:00:00 +0530 Mon, 08 Feb 2010 11:57:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=669 Section 44AB requires a person carrying on business to obtain audited accounts when his total sales, turnover or gross receipts exceed the prescribed threshold; the obligation attaches to the person and ordinarily requires aggregation of turnover across concerns. Penalty under the tax penalty provision depends on the assessee's bona fide belief, first-time default, absence of gain, and circumstances such as professional advice; a genuine mistaken belief about unit-wise application may negate penalty liability. Articles Income Tax Mon, 08 Feb 2010 00:00:00 +0530 https://www.taxtmi.com/article/detailed?id=669