Penalty for Non-Maintenance of Books Not Imposed if Turnover in Derivative Transactions is Debatable: Section 271A & 273B.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Penalty u/s 271A - non maintenance of books of account and not auditing of the same - when the issue of turnover in case of derivative transactions is a debatable issue, then the assessee cannot be penalized for not maintaining the books of account as the case would definitely fall under the provisions of section 273B- AT....