Sec 44AB inapplicable for tax-exempt income. No penalty u/s 271B for non-audit if income exempt u/s 10(34).

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....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.....