https://www.taxtmi.com/caselaws?id=443049 The Tribunal ruled in favor of the appellant in an appeal against a penalty order under Section 271B of the Income Tax Act for the assessment year 2013-2014. The appellant, engaged in manufacturing and trading, argued that the turnover was below the threshold requiring mandatory audit under Section 44AB. Despite the penalty imposed by the AO, the Tribunal held that audit under Section 44AB is mandatory only if turnover exceeds Rs. 60 lakhs, which was not the case for the appellant. Therefore, the Tribunal directed the deletion of the penalty, emphasizing compliance with statutory provisions and proper interpretation of audit requirements. en-us Tue, 11 Jul 2023 00:00:00 +0530 Thu, 14 Sep 2023 15:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=443049 The Tribunal ruled in favor of the appellant in an appeal against a penalty order under Section 271B of the Income Tax Act for the assessment year 2013-2014. The appellant, engaged in manufacturing and trading, argued that the turnover was below the threshold requiring mandatory audit under Section 44AB. Despite the penalty imposed by the AO, the Tribunal held that audit under Section 44AB is mandatory only if turnover exceeds Rs. 60 lakhs, which was not the case for the appellant. Therefore, the Tribunal directed the deletion of the penalty, emphasizing compliance with statutory provisions and proper interpretation of audit requirements. Case-Laws Income Tax Tue, 11 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=443049