An assesse (Partnership Firm) was under obligation to do tax audit U/s 44AB for few earlier years as it had exceeded the threshold turnover limit for those years. Now, during the year 2017-18, it has turnover less than Rs. 1 crore (due to separation of the business).
Whether the tax audit U/s 44AB is continued to be applicable for FY 17-18 also just because of the fact that the assessee was covered U/s 44AB in the earlier years?
In my opinion, tax audit shall not be applicable to this assessee as its turnover is less than the prescribed limit & whenever its turnover would exceed the limit, then only it would attract Sec.44AB. Am I correct?
You are requested to support your answer citing the provision or any caselaw or any article whatever may be.
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