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Sec 44aa / ab

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Querist : Anonymous

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Querist : Anonymous (Querist)
13 September 2013 an assessee's business turnover for AY 10-11,11-12 & 12-13 is 25lakhs , 45lakhs and
80lakhs.Since for AY 12-13 his turnover has
crossed 60 lakhs assessing officers has the
opinion of imposing penalty u/s 271A and 271B
for failure to maitain books of account and
not funishing audit report u/s 44AB.Is AO's
decision is correct?
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CA Pallav Singhania

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CA Pallav Singhania (Expert)
13 September 2013 I think the opinion of the AO is correct, for the AY 2012-13 U/S 44AB if your turnover exceeds the prescribed limit,
then the maintenance of the books are mandatory..

However, for the 1st to year section 44AD applied.
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