https://www.taxtmi.com/caselaws?id=392501 The tribunal directed the Assessing Officer to verify the turnover accurately based on guidance notes and judicial precedents before deciding on the penalty under section 271B of the Income Tax Act. Additionally, the tribunal emphasized the need for accurate verification of turnover to determine if an audit report was necessary under section 44AB, directing the AO to reevaluate the turnover based on ICAI guidance notes and legal provisions. The appeal was allowed for statistical purposes pending the correct calculation of turnover by the AO, highlighting the importance of accurate turnover calculation for audit requirements and adherence to legal provisions in tax matters. en-us Wed, 19 Feb 2020 00:00:00 +0530 Fri, 21 Feb 2020 13:29:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=392501 The tribunal directed the Assessing Officer to verify the turnover accurately based on guidance notes and judicial precedents before deciding on the penalty under section 271B of the Income Tax Act. Additionally, the tribunal emphasized the need for accurate verification of turnover to determine if an audit report was necessary under section 44AB, directing the AO to reevaluate the turnover based on ICAI guidance notes and legal provisions. The appeal was allowed for statistical purposes pending the correct calculation of turnover by the AO, highlighting the importance of accurate turnover calculation for audit requirements and adherence to legal provisions in tax matters. Case-Laws Income Tax Wed, 19 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=392501