https://www.taxtmi.com/caselaws?id=18262 Failure to maintain books of account attracts the default under section 44AA, with penalty under section 271A, and the audit obligation under section 44AB arises only where accounts exist and are maintained. Where there is complete non-maintenance of books, the audit-related default is not attracted, so penalty under section 271B cannot be sustained. The levy was therefore held unsustainable in favour of the assessee. en-us Tue, 06 Aug 1996 00:00:00 +0530 Wed, 05 Jun 2024 10:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18262 Failure to maintain books of account attracts the default under section 44AA, with penalty under section 271A, and the audit obligation under section 44AB arises only where accounts exist and are maintained. Where there is complete non-maintenance of books, the audit-related default is not attracted, so penalty under section 271B cannot be sustained. The levy was therefore held unsustainable in favour of the assessee. Case-Laws Income Tax Tue, 06 Aug 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18262