Penalty u/s 271B not leviable as turnover is below exemption limit prescribed u/s 44AB

Bangla Readymade Garments Vs ACIT (ITAT Kolkata) ITAT Kolkata held that penalty under section 271B of the Income Tax Act not leviable as turnover of the assessee is less than INR 1 Crore. Accordingly, the assessee is outside the purview of section 44AB of the Income Tax Act. Facts- The sole grievance of the assessee is that ld. CIT(A) erred in confirming the penalty levied u/s 27 1B of the Act at Rs. 1.50 lakh for not getting the books of accounts audited. Conclusion- Therefore, since the turnover of the assessee i.e. Rs. 32,38,340/- is less than Rs. 1 Cr during the year, it is out of the purv...