13 September 2013
an assessee's business turnover for AY 10-11,11-12 & 12-13 is 25lakhs , 45lakhs and 80lakhs.Since for AY 12-13 his turnover has crossed 60 lakhs assessing officers has the opinion of imposing penalty u/s 271A and 271B for failure to maitain books of account and not funishing audit report u/s 44AB.Is AO's decision is correct?
13 September 2013
I think the opinion of the AO is correct, for the AY 2012-13 U/S 44AB if your turnover exceeds the prescribed limit, then the maintenance of the books are mandatory..
However, for the 1st to year section 44AD applied.