Penalty Quashed: Section 271B on Mandatory Audit Threshold u/s 44AB Ruled Inapplicable for Rs. 42 Lakhs Receipts.

Penalty Quashed: Section 271B on Mandatory Audit Threshold u/s 44AB Ruled Inapplicable for Rs. 42 Lakhs Receipts. https://www.taxtmi.com/highlights?id=30921 Penalty u/s 271B - threshold limit for getting its account audited u/s 44AB - Business activity or professional activity - gross receipts were only ₹ 42 lakhs - penalty quashed - AT en-us Wed, 24 Aug 2016 11:01:57 +0530 Wed, 24 Aug 2016 11:01:57 +0530 TaxTMI RSS Generator Penalty Quashed: Section 271B on Mandatory Audit Threshold u/s 44AB Ruled Inapplicable for Rs. 42 Lakhs Receipts. https://www.taxtmi.com/highlights?id=30921 Penalty u/s 271B - threshold limit for getting its account audited u/s 44AB - Business activity or professional activity - gross receipts were only ₹ 42 lakhs - penalty quashed - AT Highlights Income Tax Wed, 24 Aug 2016 11:01:57 +0530 https://www.taxtmi.com/highlights?id=30921