https://www.taxtmi.com/caselaws?id=468805 Penalty under Section 271B applies where the assessee's own records show accounting material in existence, including VAT returns and debtor lists, and the turnover crosses the audit threshold. Books of account are not limited to ledgers and cash books; Section 2(12A) covers other relevant records as well. On these facts, the assessee was required to maintain proper books and obtain audit under Section 44AB, and non-compliance justified the statutory penalty. The cited case law was found inapplicable on the present facts, and the penalty was sustained. en-us Mon, 10 Feb 2025 00:00:00 +0530 Thu, 21 May 2026 18:59:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=468805 Penalty under Section 271B applies where the assessee's own records show accounting material in existence, including VAT returns and debtor lists, and the turnover crosses the audit threshold. Books of account are not limited to ledgers and cash books; Section 2(12A) covers other relevant records as well. On these facts, the assessee was required to maintain proper books and obtain audit under Section 44AB, and non-compliance justified the statutory penalty. The cited case law was found inapplicable on the present facts, and the penalty was sustained. Case-Laws Income Tax Mon, 10 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=468805