https://www.taxtmi.com/caselaws?id=472570 Tax-audit requirements under Section 44AB apply where profits and gains of business or profession must be computed as part of total income. An educational society claiming Chapter III exemption, without such computation, may reasonably consider the provision inapplicable. Subsequent denial of the exemption in assessment does not alter that position for tax-audit purposes. On that basis, a penalty for failure to obtain a tax audit under Section 271B is not leviable. en-us Mon, 05 Jun 2023 00:00:00 +0530 Fri, 16 Oct 2026 10:47:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=472570 Tax-audit requirements under Section 44AB apply where profits and gains of business or profession must be computed as part of total income. An educational society claiming Chapter III exemption, without such computation, may reasonably consider the provision inapplicable. Subsequent denial of the exemption in assessment does not alter that position for tax-audit purposes. On that basis, a penalty for failure to obtain a tax audit under Section 271B is not leviable. Case-Laws Income Tax Mon, 05 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=472570