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Querist : Anonymous

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Querist : Anonymous (Querist)
19 December 2013 As per books of account of the assessee, turnover for the year was less than 1 crore. But during search operations, an additional sales was found & assessee included the same in block assessment.
Can the assessing officer impose penalty under section 271B for not getting the account audited??
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CA Shiv

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CA Shiv (Expert)
19 December 2013 Yes thats possible on the AO if he proves that the sales was hidden to escape the audit...
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
20 December 2013 yes very much. 271B shall apply among others such as 271, 271A..
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