https://www.taxtmi.com/caselaws?id=444874 The ITAT Kolkata upheld penalties under sections 271A and 271B against the assessee for failing to maintain books of account and not getting them audited as required under section 44AB. The Tribunal held that both penalties are leviable when gross business turnover exceeds prescribed limits. Following the precedent in Rakesh Kumar Jha vs. ITO, the Tribunal confirmed that section 44AB aims to provide clear account pictures for accurate income assessment. The CIT(Appeals) findings were upheld, confirming penalties for assessment years 2011-12 and 2012-13. The case was decided against the assessee. en-us Fri, 04 Aug 2023 00:00:00 +0530 Mon, 23 Oct 2023 11:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=444874 The ITAT Kolkata upheld penalties under sections 271A and 271B against the assessee for failing to maintain books of account and not getting them audited as required under section 44AB. The Tribunal held that both penalties are leviable when gross business turnover exceeds prescribed limits. Following the precedent in Rakesh Kumar Jha vs. ITO, the Tribunal confirmed that section 44AB aims to provide clear account pictures for accurate income assessment. The CIT(Appeals) findings were upheld, confirming penalties for assessment years 2011-12 and 2012-13. The case was decided against the assessee. Case-Laws Income Tax Fri, 04 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=444874