ITAT Upholds Penalties u/s 271A & 271B for Bookkeeping & Tax Audit Lapses

Saraswati Gupta Vs ITO (ITAT Kolkata) ITAT Confirms penalties under section 271A of Income Tax Act, 1961 for not maintaining books of account and Section 271B for not getting the books of account audited Recently the “A” Bench Of Kolkata Income Tax Appellate Tribunal passed a judgement in the above case confirming the penalties u/s 271A  for not maintaining books of account and 271B for not getting the books of account audited. The central point of discussion was whether both the penalties can be levied at the same time for the same AY or not, as we all have the assumption that if...