https://www.taxtmi.com/caselaws?id=797471 Failure to obtain a tax audit does not attract penalty where turnover remains below the enhanced audit threshold and the prescribed cash-receipt and cash-payment conditions are satisfied. Reconciliation of operating revenue with bank credits may account for differences arising from GST and tax deducted at source. Financial statements, cash records, bank statements and audit material indicating no cash receipts, cash payments, or opening or closing cash-in-hand support application of the enhanced threshold. Consequently, the tax-audit requirement does not apply and penalty for non-compliance is not leviable. en-us Tue, 11 Aug 2026 00:00:00 +0530 Sat, 22 Aug 2026 10:33:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=797471 Failure to obtain a tax audit does not attract penalty where turnover remains below the enhanced audit threshold and the prescribed cash-receipt and cash-payment conditions are satisfied. Reconciliation of operating revenue with bank credits may account for differences arising from GST and tax deducted at source. Financial statements, cash records, bank statements and audit material indicating no cash receipts, cash payments, or opening or closing cash-in-hand support application of the enhanced threshold. Consequently, the tax-audit requirement does not apply and penalty for non-compliance is not leviable. Case-Laws Income Tax Tue, 11 Aug 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=797471