AI Drafter - (New and Powerful) 
Generate professional replies, appeals, opinions to Show Cause Notices, assessment orders, audit objections, and other legal communications using TaxTMI's AI Drafter. 
TaxTMI 
TaxTMI 
Home / 
Sec 44AB inapplicable for tax-exempt income. No penalty u/s 271B for non-audit if income exempt u/s 10(34).
X X X X Extracts X X X X
X X X X Extracts X X X X
....Provisions of section 44AB not applicable when assessee's income exempt u/s 10; consequently, penalty u/s 271B not leviable for non-audit of accounts u/s 44AB. Dividend income claimed exempt u/s 10(34), accepted in assessment order. As income not taxable under "profits and gains of business or profession", sections 44AB and 271B inapplicable, following Market Committee, Sirsa case. Decided in assessee's favor.....