https://www.taxtmi.com/caselaws?id=795832 For a kachha arhtia, only commission income, rather than sale proceeds belonging to principals, constitutes turnover or gross receipts for audit purposes under the applicable beneficial circular. Where accepted commission was below the audit threshold, and the Revenue alleged that books were not maintained, penalty for failure to have accounts audited was unsustainable because audit presupposes existing books. The penalty under section 271B was therefore vacated. Penalty for non-maintenance of books requires verification of the statutory conditions under section 44AA(2) by reference to the preceding three years and an opportunity of hearing; the section 271A matter was restored for fresh determination. en-us Fri, 24 Jul 2026 00:00:00 +0530 Tue, 28 Jul 2026 08:30:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=795832 For a kachha arhtia, only commission income, rather than sale proceeds belonging to principals, constitutes turnover or gross receipts for audit purposes under the applicable beneficial circular. Where accepted commission was below the audit threshold, and the Revenue alleged that books were not maintained, penalty for failure to have accounts audited was unsustainable because audit presupposes existing books. The penalty under section 271B was therefore vacated. Penalty for non-maintenance of books requires verification of the statutory conditions under section 44AA(2) by reference to the preceding three years and an opportunity of hearing; the section 271A matter was restored for fresh determination. Case-Laws Income Tax Fri, 24 Jul 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=795832