Can penalty u/s 271b imposed for nonaudit of partial turnove

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

15 December 2011 My client is subjected to IT scrutiny.. He has audited his accounts for 1 business and filed the same..

But during the course of scrutiny, the ITO detected another business for which the assesse concealed.

Now the ITO is proposing penalty u/s 271B for the 2 business TO for non audit of accounts..

Is it right?

How can I safegaurd him from this penalty..

Please guide me ,

Thanks in anticipation..

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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15 December 2011 Penalty u/s 271B can be imposed only for the non-audited business.
Karnataka High Court decision in CIT V Dr.K.Satish Shetty can be cited.

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