https://www.taxtmi.com/caselaws?id=238194 The Tribunal affirmed the penalties imposed under Section 271B of the Income Tax Act for assessment years 2006-07 & 2005-06. The appeals against penalties for failure to audit accounts under Section 44AB were dismissed, with the Tribunal upholding the First Appellate Authority's decision. The assessee's status as a "Statutory Body" and registration under Section 12AA did not exempt them from audit obligations when taxable receipts exceeded Rs. 40 lakhs. The Tribunal emphasized that Section 12AA did not provide an exemption from audit requirements in such cases. en-us Tue, 15 Oct 2013 00:00:00 +0530 Fri, 18 Oct 2013 12:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=238194 The Tribunal affirmed the penalties imposed under Section 271B of the Income Tax Act for assessment years 2006-07 & 2005-06. The appeals against penalties for failure to audit accounts under Section 44AB were dismissed, with the Tribunal upholding the First Appellate Authority's decision. The assessee's status as a "Statutory Body" and registration under Section 12AA did not exempt them from audit obligations when taxable receipts exceeded Rs. 40 lakhs. The Tribunal emphasized that Section 12AA did not provide an exemption from audit requirements in such cases. Case-Laws Income Tax Tue, 15 Oct 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=238194