The assessee transacted in shares and securities. The AO held that t the assessee had incurred total loss of Rs. 1,96,168.49 in the transactions but had not filed a return for the assessment year 2010-11 in response to the notice under S.  148 of the Act. Therefore, he considered the loss as speculation loss and initiated penalty proceedings under S.  271B for failing to get the accounts audited as required under S.  44AB. Thereafter he levied penalty of Rs. 1,50,000. The CIT(A) confirmed  the penalty under  S. 271A as well as under S.  271B of the Act. On appeal the Tribunal held that  when the AO found  that assessee was not maintaining books of account, penalty under S.  271B for not getting the books audited could not be levied. Since the CT (A) had  exercised his co-terminous power to levy penalty under S.  271A for failure to maintain books of account, the penalty was restricted to Rs. 25,000.(AY.2010-11)