ITAT deletes penalty for not getting account audited in absence of determination of turnover

Yuvraj Singh Vs ITO (ITAT Delhi) ITAT find that reasonable cause exists for failure of the assessee to get his account audited in respect of previous year relevant to Assessment Year 2011-12 in question. The assessee has claimed turnover in business to the tune of Rs.58,42,500/-which is below the threshold of Rs.60 lac applicable at the relevant time. The assessee has filed a return taking shelter of Section 44AD of the Act and declared 8% on the turnover on estimated basis as provided under the presumptive taxation scheme of Section 44AD of the Act. The Assessing Officer in the course of asse...