No Penalty if Tax Audit not done on the basis of ICAI Guidance Note : ITAT

Where assessee was under bona fide belief that as per GuidanceNote issued by ICAI on ‘tax audit under section 44AB’ net result in derivative transaction was to be considered as turnover and accordingly, he would not be liable to get his books audited as turnover did not exceed more than Rs. 1 crore, penalty levied under section 271B was to be deleted

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