https://www.taxtmi.com/caselaws?id=797074 Penalty for failure to obtain a tax audit under Section 271B presupposes the existence of books of account capable of audit under Section 44AB. Where turnover is estimated from bank deposits because books were neither maintained nor produced, failure to maintain books is distinct from failure to obtain an audit of existing books and attracts separate statutory consequences. Estimated turnover exceeding the audit threshold does not, by itself, establish a Section 271B default when the assessment proceeds on the basis that no books exist. Penalty under Section 271B was therefore not leviable and was directed to be deleted. en-us Fri, 07 Aug 2026 00:00:00 +0530 Mon, 17 Aug 2026 08:38:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=797074 Penalty for failure to obtain a tax audit under Section 271B presupposes the existence of books of account capable of audit under Section 44AB. Where turnover is estimated from bank deposits because books were neither maintained nor produced, failure to maintain books is distinct from failure to obtain an audit of existing books and attracts separate statutory consequences. Estimated turnover exceeding the audit threshold does not, by itself, establish a Section 271B default when the assessment proceeds on the basis that no books exist. Penalty under Section 271B was therefore not leviable and was directed to be deleted. Case-Laws Income Tax Fri, 07 Aug 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=797074