Provisions of S.44 AB of the Act are not applicable if Turnover of  Assessee  less than Prescribed Limit: ITAT delete Penalty u/S 271B [Read Order] 

By Aparna. M - On April 13, 2023 8:00 pm - 2 mins read
Turnover of Assessee - ITAT - Penalty - taxscan

The Bangalore bench of the Income Tax Appellate Tribunal (ITAT) has recently held that provisions of Section 44 of the Income Tax Act, 1961 are not applicable if turnover of assessee less than prescribed limit therefore the tribunal deleted the penalty levied under Section 271B of the Income Tax Act 1961. Section 44AB of the…

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