Discuss the relevant provisions of Income Tax Act, 1961 in respect of the following transactions: Mr. Joy has entered into International transactions aggregating to ₹ 75 lakhs and specified domestic transactions aggregat

Mr. Joy is not required to maintain information and documents since neither the aggregated value of international transactions exceed ₹ 1 crore, nor the aggregated value of specified domestic transactions exceed ₹ 20 Crore. Therefore, no penalty shall be levied for non-maintenance of information and documents. However, Mr. Joy is required to obtain and furnish the audit report u/s 92E even if the aggregated value of international transactions does not exceed ₹ 1 crore or specified domestic transaction does not exceed ₹ 20 crore. Hence, Mr. Joy was required to obtain and furnish audit report u/s 92E in respect of international transactions aggregating to ₹ 75 lakh and specified domestic transaction aggregating to ₹ 5 crore. He shall be liable to penalty u/s 271BA of ₹ 1,00,000 for such default.