Qualified audit report

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CA SANDESH MAHIPAL (Querist)
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23 September 2014 Greetings of the day!! My question is- In the Tax audit report, if a qualification is made that "proper books of accounts are not maintained" or " No books of accounts are maintained by assessee" then what can be the probable consequences while processing of audit report by ITD and for the assessee.? plz suggest thanks

Nikhil Kaushik

Nikhil Kaushik (Expert)
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25 September 2014 well on the basis of audit report, AO may enquire into compliance with section 44AA and penalty for non-maintenance of accounts can be levied.

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