https://www.taxtmi.com/highlights?id=67754 Penalty u/s 271B - no tax audit conducted u/s 44AB - bonafide belief - When Gross profit is more than Rs.4 crores, it means the Gross Receipts were definitely more than Rs.1 crores - Assessee in the case has receipts more than Rs.1 crores. Therefore, the assessee was under obligation to audit the books of account as per section 44AB of the Act - any amount above Rs.1 crores will attract minimum penalty of Rs.1,50,000/- - AT en-us Tue, 17 Jan 2023 08:26:13 +0530 Tue, 17 Jan 2023 08:26:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=67754 Penalty u/s 271B - no tax audit conducted u/s 44AB - bonafide belief - When Gross profit is more than Rs.4 crores, it means the Gross Receipts were definitely more than Rs.1 crores - Assessee in the case has receipts more than Rs.1 crores. Therefore, the assessee was under obligation to audit the books of account as per section 44AB of the Act - any amount above Rs.1 crores will attract minimum penalty of Rs.1,50,000/- - AT Highlights Income Tax Tue, 17 Jan 2023 08:26:13 +0530 https://www.taxtmi.com/highlights?id=67754