https://www.taxtmi.com/caselaws?id=176648 The Tribunal upheld the penalty of Rs. 1 lac imposed by the Assessing Officer for non-compliance with audit requirements under section 44AB of the Income-tax Act. The Tribunal rejected the assessee's arguments related to the threshold for compulsory audit and nature of transactions, emphasizing that total sales, turnover, or gross receipts determine the audit requirement. Additional evidence presented by the assessee was deemed inadmissible, and the penalties were upheld, affirming the CIT(A)'s decision. en-us Fri, 11 Feb 2011 00:00:00 +0530 Mon, 21 Aug 2023 16:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=176648 The Tribunal upheld the penalty of Rs. 1 lac imposed by the Assessing Officer for non-compliance with audit requirements under section 44AB of the Income-tax Act. The Tribunal rejected the assessee's arguments related to the threshold for compulsory audit and nature of transactions, emphasizing that total sales, turnover, or gross receipts determine the audit requirement. Additional evidence presented by the assessee was deemed inadmissible, and the penalties were upheld, affirming the CIT(A)'s decision. Case-Laws Income Tax Fri, 11 Feb 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=176648