https://www.taxtmi.com/caselaws?id=437897 The dominant issue was whether penalty under s. 271B could be avoided on the ground that the assessee did not maintain books under s. 44AA. The ITAT held that ss. 44AA and 44AB operate independently, apply to different classes and thresholds, and penalties under ss. 271A and 271B are neither alternate nor substitutive. Since the object of s. 44AB is to secure a clear and reliable audit trail enabling correct assessment, failure to get accounts audited attracts s. 271B irrespective of non-maintenance of books, following HC precedent. Consequently, the penalty under s. 271B was upheld and the appeal was dismissed. en-us Mon, 15 May 2023 00:00:00 +0530 Thu, 08 Jan 2026 14:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=437897 The dominant issue was whether penalty under s. 271B could be avoided on the ground that the assessee did not maintain books under s. 44AA. The ITAT held that ss. 44AA and 44AB operate independently, apply to different classes and thresholds, and penalties under ss. 271A and 271B are neither alternate nor substitutive. Since the object of s. 44AB is to secure a clear and reliable audit trail enabling correct assessment, failure to get accounts audited attracts s. 271B irrespective of non-maintenance of books, following HC precedent. Consequently, the penalty under s. 271B was upheld and the appeal was dismissed. Case-Laws Income Tax Mon, 15 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=437897