https://www.taxtmi.com/caselaws?id=385957 The tribunal upheld the penalty imposed under section 271B for the assessment years 2010-2011 & 2011-2012. It emphasized the mandatory nature of the audit requirement under section 44AB for businesses exceeding the specified turnover limit. The tribunal found the assessee's argument regarding the disclosure of entire income without expenditure claims insufficient to waive the penalty, as compliance with audit requirements was deemed necessary by law. en-us Thu, 05 Sep 2019 00:00:00 +0530 Wed, 18 Sep 2019 12:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=385957 The tribunal upheld the penalty imposed under section 271B for the assessment years 2010-2011 & 2011-2012. It emphasized the mandatory nature of the audit requirement under section 44AB for businesses exceeding the specified turnover limit. The tribunal found the assessee's argument regarding the disclosure of entire income without expenditure claims insufficient to waive the penalty, as compliance with audit requirements was deemed necessary by law. Case-Laws Income Tax Thu, 05 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=385957