Penalty U/s. 271B- Turnover means Actual TO not the TO declared in return

Rajesh Agarwal Vs ITO (ITAT Kolkata) We have heard the arguments of both the sides and also perused the relevant material available on record. The first contention raised by the learned counsel for the assessee in support of the assessee’s case is that the gross receipts of his business as declared by the assessee in his returns of income originally filed for all the four years under consideration under section 139(1) being less than the limit prescribed in section 44AB, he was not required to get his accounts audited as per section 44AB and there would be no question of imposition of penalt...