Form No. 26AS Not Equal to Turnover: Penalty u/s 271B Deleted for ₹1.11 Cr

Hiraben Rajuhai Bokhiriya Vs ITO (ITAT Rajkot) 26AS Reflection Not Equal to Turnover – Commission Agent in Transport Business Practice Explained—Audit Not Mandatory for Mere Pass-Through Receipts- Penalty u/s 271B Deleted Assessee, engaged in arranging trucks, declared income of ₹3,78,830. AO noted gross receipts of ₹1,11,60,365 in 26AS, treated the figure as turnover exceeding the 44AB limit & levied maximum penalty of ₹1,50,000 u/s 271B for failure to furnish audit report. Assessee explained that she was only a commission agent: entire freight received from customers was p...