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On 24 August 2023, the Raipur Bench of India’s Income-tax Appellate Tribunal (ITAT) rendered a significant decision regarding the applicability of penalties under the Income-tax Act, 1961 (ITA). The ruling clarified that a penalty under Section 271B for failure to audit books of account is not applicable if the taxpayer did not maintain those books and has already been penalized under Section 271A for this failure.
Section 271A pertains to the failure to maintain books of account as required under Section 44AA, while Section 271B pertains to the failure to get the accounts audited and obtain an audit report as required under Section 44AB.
The reasoning behind the above judgements is as follows:
The reasoning behind the above judgements is as follows:
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