Penalty u/s. 271B not leviable as there is no need to maintain books u/s. 44AD

Advertisement Bhaveshbhai Haribhai Kanani Vs ITO (ITAT Rajkot) ITAT Rajkot held that imposition of penalty u/s. 271B of the Income Tax Act for not getting books of accounts audited cannot be sustained since assessee has filed return u/s. 44AD and there is no need to maintain books of accounts u/s. 44AD. Facts- The assessee is engaged in the business of trading of “brass scrap”. On verification, it was seen that the assessee has declared the turnover of Rs.1,03,43,628/- and offered Net profit at Rs.7,91,012/- as his income. The income declared in the return on the admitted turnov...