Tax Audit Mandatory Even for Exempt Income if Turnover Threshold Crossed: ITAT Kolkata

Advertisement Jalpaiguri Zilla Regulated Market Committee Vs ITO (ITAT Kolkata) The ITAT Kolkata, in the case concerning penalty under section 271B for AY 2017–18, addressed whether failure to obtain a tax audit under section 44AB can be penalized when the assessee claims exemption under section 10(26AAB). The assessee, an Agricultural Produce Market Committee, did not file a return and its turnover was estimated during best judgment assessment. Based on the estimated turnover exceeding the threshold, the Assessing Officer levied penalty for non-compliance with audit requirements. The Tri...