https://www.taxtmi.com/highlights?id=68696 Levy of penalty u/s 271B - failure to get accounts audited as per the provisions of section 44AB - From the perusal of the profit and loss account we further find that the assessee incurred a net loss during the year under consideration, which in the absence of filing the return of income within the due date cannot be carried forward and set off. Thus, the non-filing of the return of income and audited accounts cannot in any way be said to be beneficial to the assessee. - No penalty - AT en-us Mon, 13 Mar 2023 08:40:10 +0530 Mon, 13 Mar 2023 08:40:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=68696 Levy of penalty u/s 271B - failure to get accounts audited as per the provisions of section 44AB - From the perusal of the profit and loss account we further find that the assessee incurred a net loss during the year under consideration, which in the absence of filing the return of income within the due date cannot be carried forward and set off. Thus, the non-filing of the return of income and audited accounts cannot in any way be said to be beneficial to the assessee. - No penalty - AT Highlights Income Tax Mon, 13 Mar 2023 08:40:10 +0530 https://www.taxtmi.com/highlights?id=68696