Is penalty Sec 271A & 271B levied simultaneously for same AY
Whether penalties u/s 271A & 271B can be levied simultaneously for same AY 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 …