Tax alert: Penalty for failure to audit books not leviable if penalty is levied for its non-maintenance has been saved
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Tax alert: Penalty for failure to audit books not leviable if penalty is levied for its non-maintenance
20 February 2024
The Raipur Bench of the Income-tax Appellate Tribunal has rendered its decision that the penalty, under section 271B of the Income-tax Act, 1961 (ITA), for failure to audit books of accounts, could not be levied where such books of accounts are not maintained by the taxpayer and penalty under section 271A for failure to maintain accounts has already been levied.
