https://www.taxtmi.com/highlights?id=75919 Levy of Penalty u/s. 271B for failure to get accounts audited u/s 44AB - The ITAT held that once a penalty has been levied under Section 271A for non-maintenance of books of accounts, no penalty under Section 271B can be levied. - Citing precedents and relevant case law, the Tribunal emphasized that Section 271B is not applicable when no accounts have been maintained, and recourse to Section 271A should be taken instead. en-us Thu, 21 Mar 2024 09:23:38 +0530 Thu, 21 Mar 2024 09:23:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=75919 Levy of Penalty u/s. 271B for failure to get accounts audited u/s 44AB - The ITAT held that once a penalty has been levied under Section 271A for non-maintenance of books of accounts, no penalty under Section 271B can be levied. - Citing precedents and relevant case law, the Tribunal emphasized that Section 271B is not applicable when no accounts have been maintained, and recourse to Section 271A should be taken instead. Highlights Income Tax Thu, 21 Mar 2024 09:23:38 +0530 https://www.taxtmi.com/highlights?id=75919