Tax-audit exemption for substantially State-funded educational universities prevents audit-failure penalties where income qualifies for statutory exemption.

Tax-audit exemption for substantially State-funded educational universities prevents audit-failure penalties where income qualifies for statutory exemption. https://www.taxtmi.com/highlights?id=104891 Income of a substantially State-funded educational university was exempt under section 10(23C)(iiiab), removing the requirement for a tax audit under section 44AB. As the audit obligation did not apply, penalty under section 271B for failure to obtain an audit was inapplicable. Tax-audit penalties for both assessment years were therefore deleted. en-us Tue, 13 Oct 2026 10:04:41 +0530 Tue, 13 Oct 2026 10:04:40 +0530 TaxTMI RSS Generator Tax-audit exemption for substantially State-funded educational universities prevents audit-failure penalties where income qualifies for statutory exemption. https://www.taxtmi.com/highlights?id=104891 Income of a substantially State-funded educational university was exempt under section 10(23C)(iiiab), removing the requirement for a tax audit under section 44AB. As the audit obligation did not apply, penalty under section 271B for failure to obtain an audit was inapplicable. Tax-audit penalties for both assessment years were therefore deleted. Highlights Income Tax Tue, 13 Oct 2026 10:04:41 +0530 https://www.taxtmi.com/highlights?id=104891