Tds liability

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Maunik (Querist)
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10 March 2016 Please enlighten on the matter.
Assessee's turnover as per his regular books of accounts for the A.Y. 2009-10 was Rs. 32.00 lacs but while income tax proceedings u/s 143(3) the Assessing Officer has detected some concealed transaction and due to this the turnover is enhanced to Rs. 48.00 lacs. Now the question is that :-
Is the assessee is liable for any penalty u/s 271B for non auditing of his books of accounts?
If No, please quote latest decision in favor of the assessee.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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10 March 2016 Yes he is liable if it is proved that business income was concealed which resulted in exceeding rs 40 lakhs.

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