No section 271B Penalty for not getting audited due to bonafide belief of non-applicability of Tax Audit

Sri. Dummi Shivraj Deepak Vs ITO (ITAT Bangalore) No section 271B Penalty for not getting audited due to bonafide belief of non-applicability of Tax Audit Admittedly, the assessee had got the books of account audited for the first time for the relevant assessment year. Prior to the relevant assessment year, the assessee was under the bonafide belief that only the gross commission receipts are to be taken as turnover for the purpose of audit. It was only during the course of assessment proceedings, the A.O. insisted for the books of account to be furnished and the same was directed to be audite...