Non-filing of Form 3CA would not impose penalty when assessee had filed audit report under Companies Act

September 16, 2014[2014] 48 taxmann.com 292 (Mumbai - Trib.)

IT: Where assessee, a builder, filed audit report under section 224 of Companies Act, 1956, in such a case even though no separate report in Form 3CA as required under section 44AB had been filed, it would not lead to levy of penalty under section 271B

IT: In order to invoke provisions of section 44AB, amount of purchases can not be included in qualifying amount of turnover as mentioned in Act