Taxpayer Avoids Penalty for Audit Failure; Acting as Agent, Not Independent Business, Justifies Non-Compliance.

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....Penalty u/s 271B - not getting the books of account audited u/s 44AB - AO levied penalty on the assessee as the cash deposit during the F.Y. 2016-17 exceeded the threshold limit u/s 44AB of the Act, treating the same as turnover of the assessee, though he is only an agent who provided services for the Principal. - the provisions of section 273B of the Act applies to the case of the assessee since the assessee has a reasonable cause for not getting the books of account audited - No penalty - AT....