The penalty under section 271B of the Income Tax Act is not levied

The penalty under section 271B of the Income Tax Act is not levied 

The penalty under section 271B of the Income Tax Act is not levied when the assessee was under bonafide belief that he was not liable to get the books of accounts audited as the commission income was below the threshold limit and it was the first year of the business venture taken up by the assessee therefore the assessee’s case is covered under section 273B of the Income Tax Act, 1961.



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