30 October 2007
There is a Gauhati High Court judgment that if no books are maintained there can not be audit .This is a reasonable casuse for no audit . Hence no penalty can be imposed for non audit.
However , penalty for not maintaing accounts may be imposed , which is at present Rs 25000/-
30 October 2007
SURAJMAL PARSURAM TODI, TINSUKIA vs CIT, SHILLONG (1996) 3 GAUHATI LAW REPORTS 3
PENALTY FOR NOT GETTING THE BOOKS OF ACCOUNT AUDITED . NO BOOKS OF ACCOUNT MAINTAINED BY THE ASSESSEE. NO PENALTY CAN BE IMPOSED FOR NOT GETTING THE BOOK OF ACCOUNT AUDITED
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