Capital gain doesn’t form part of turnover for the purpose of section 44AB

Radheyshyam Bisani Vs ITO (ITAT Surat) ITAT Surat held that assessee is not required to get his books of accounts audited under section 44AB of the Income Tax Act as capital gain, short term or long term, doesn’t form part of turnover. Accordingly, penalty under section 271B not leviable. Facts- The assessee is an individual and while return of income has income from salary, house property and capital gain. The Assessing Officer while passing the assessment order, accepted the return of income. However, the Assessing Officer initiated penalty under Section 271B of the Income Tax Act, 1961 (i...