https://www.taxtmi.com/highlights?id=102135 For a kachha arhtia, tax-audit turnover comprises only commission earned and excludes sale proceeds of goods belonging to principals. Where the accepted commission income remains below the prescribed limit, no tax-audit obligation arises. The notes also state that a penalty for failure to obtain audit cannot apply where the Revenue's position is that no books of account were maintained, because audit presupposes existing books. On the separate obligation to maintain books, the statutory conditions under section 44AA must be examined with reference to the preceding three previous years after allowing the taxpayer to explain the relevant facts. The books-maintenance penalty was remanded for fresh examination, while the tax-audit penalty was deleted. en-us Tue, 28 Jul 2026 09:35:57 +0530 Tue, 28 Jul 2026 09:35:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=102135 For a kachha arhtia, tax-audit turnover comprises only commission earned and excludes sale proceeds of goods belonging to principals. Where the accepted commission income remains below the prescribed limit, no tax-audit obligation arises. The notes also state that a penalty for failure to obtain audit cannot apply where the Revenue's position is that no books of account were maintained, because audit presupposes existing books. On the separate obligation to maintain books, the statutory conditions under section 44AA must be examined with reference to the preceding three previous years after allowing the taxpayer to explain the relevant facts. The books-maintenance penalty was remanded for fresh examination, while the tax-audit penalty was deleted. Highlights Income Tax Tue, 28 Jul 2026 09:35:57 +0530 https://www.taxtmi.com/highlights?id=102135