Assessee is  in business of construction and development of property and followed percentage completion method of accounting.  It had not got its accounts audited and offered explanation that it was under bona fide belief that audit was not required as there was no sale and it had only received advances from customers against bookings. Assessing Officer levied penalty under section 271B  for failure to get accounts audited as per section 44AB. Tribunal held that  since gross receipts of assessee were more than Rs. One crore, it was under obligation to get account books audited as per section 44AB, accordingly  levy of penalty  is  justified.  (AY. 2015-16)