10 March 2016
Please enlighten on the matter. Assessee's turnover as per his regular books of accounts for the A.Y. 2009-10 was Rs. 32.00 lacs but while income tax proceedings u/s 143(3) the Assessing Officer has detected some concealed transaction and due to this the turnover is enhanced to Rs. 48.00 lacs. Now the question is that :- Is the assessee is liable for any penalty u/s 271B for non auditing of his books of accounts? If No, please quote latest decision in favor of the assessee.
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