No Section 271B penalty if provisions of Section 44AB not applicable to assessee

Meena Jain Vs ITO (ITAT Bangalore) The assessee has placed P&L Account for the relevant year ending, i.e. 31.03.2018. On perusal of the same it is clear that the assessee has received cheque discounting commission and interest, both totalling to Rs.92,22,002/-. The guidance note on tax audit under Section 44AB of the Act clearly mandates that interest, commission and brokerage has to be taken as turnover in the case of money lending business and Chit business. Admittedly, the assessee is in the business of cheque discounting and finance. The gross turnover in the case bill discounting/fina...