https://www.taxtmi.com/caselaws?id=394351 Penalty under section 271A is sustainable where an assessee fails to maintain books of account despite crossing the statutory threshold under section 44AA, and no reasonable cause is shown. Penalty under section 271B for failure to get accounts audited is not justified where the books were not maintained at all, because the audit obligation cannot operate in the same manner on non-existent records and impossibility of performance was recognised. The result is that the non-maintenance default attracts penalty, while the separate non-audit penalty is deleted, giving partial relief to the assessee. en-us Thu, 23 Jan 2020 00:00:00 +0530 Thu, 09 Apr 2020 13:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=394351 Penalty under section 271A is sustainable where an assessee fails to maintain books of account despite crossing the statutory threshold under section 44AA, and no reasonable cause is shown. Penalty under section 271B for failure to get accounts audited is not justified where the books were not maintained at all, because the audit obligation cannot operate in the same manner on non-existent records and impossibility of performance was recognised. The result is that the non-maintenance default attracts penalty, while the separate non-audit penalty is deleted, giving partial relief to the assessee. Case-Laws Income Tax Thu, 23 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=394351