https://www.taxtmi.com/caselaws?id=443049 Penalty under section 271B is not sustainable where the assessee's turnover remains below the threshold that triggers the tax audit obligation under section 44AB, because the foundational duty to obtain and furnish a tax audit report does not arise. On the facts, the turnover was found to be below the prescribed limit, so failure to furnish an audit report could not attract penalty. Non-compliance before the first appellate authority did not affect that merits-based conclusion. 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 Penalty under section 271B is not sustainable where the assessee's turnover remains below the threshold that triggers the tax audit obligation under section 44AB, because the foundational duty to obtain and furnish a tax audit report does not arise. On the facts, the turnover was found to be below the prescribed limit, so failure to furnish an audit report could not attract penalty. Non-compliance before the first appellate authority did not affect that merits-based conclusion. Case-Laws Income Tax Tue, 11 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=443049