https://www.taxtmi.com/caselaws?id=55154 Penalty for failure to obtain tax audit under section 271B was held not sustainable where the assessee's sales remained below the audit threshold after excluding interest income, and the interest receipt was treated as other income rather than business turnover. The assessee had acted on a bona fide belief that audit was required only when business turnover or business receipts crossed the prescribed limit, and this was accepted as reasonable cause under section 273B. On that basis, the default was covered by sufficient cause and the penalty was deleted. en-us Fri, 29 Apr 2005 00:00:00 +0530 Fri, 27 Jul 2012 13:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55154 Penalty for failure to obtain tax audit under section 271B was held not sustainable where the assessee's sales remained below the audit threshold after excluding interest income, and the interest receipt was treated as other income rather than business turnover. The assessee had acted on a bona fide belief that audit was required only when business turnover or business receipts crossed the prescribed limit, and this was accepted as reasonable cause under section 273B. On that basis, the default was covered by sufficient cause and the penalty was deleted. Case-Laws Income Tax Fri, 29 Apr 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55154