Section 271B Penalty Not Leviable for Undisclosed Turnover

Vinay Agrawal Vs ITO (ITAT Indore) Penalty U/s. 271B of the Income Tax Act, 1961 is leviable for failure to get accounts audited where the turnover / gross receipts exceeds the prescribed limit. Many times it happens that the turnover as per the regular books of accounts remains under the prescribed limit and as such the assessee do not gets the accounts audited U/s. 44AB. But later on, some undisclosed turnover is detected by the assessing officer or some amount which is not turnover in view of the assessee is treated by the assessing officer as turnover, by taking some different view. In suc...