https://www.taxtmi.com/caselaws?id=764749 ITAT AGRA remanded penalty proceedings u/s 271B back to CIT(A) for fresh adjudication. Assessee failed to conduct mandatory audit and furnish report u/s 44AB. Since quantum assessment appeal regarding business turnover was pending before CIT(A), ITAT held that CIT(A) must first determine actual turnover and whether assessee falls within s.44AB threshold before deciding penalty liability. Appeal allowed for statistical purposes with matter restored to CIT(A) for comprehensive determination of both quantum and penalty issues. en-us Wed, 15 Jan 2025 00:00:00 +0530 Fri, 17 Jan 2025 08:45:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764749 ITAT AGRA remanded penalty proceedings u/s 271B back to CIT(A) for fresh adjudication. Assessee failed to conduct mandatory audit and furnish report u/s 44AB. Since quantum assessment appeal regarding business turnover was pending before CIT(A), ITAT held that CIT(A) must first determine actual turnover and whether assessee falls within s.44AB threshold before deciding penalty liability. Appeal allowed for statistical purposes with matter restored to CIT(A) for comprehensive determination of both quantum and penalty issues. Case-Laws Income Tax Wed, 15 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764749