Assessee, a share broker, had earned commission income from sub-broker activity of shares and had also earned capital gains from purchase and sale of shares. Assessing Officer held  that turnover of assessee from sale of shares was Rs. 6.06 crores.  Accordingly, he levied penalty under section 271B for failure to get accounts audited in terms of provisions of section 44B. CIT(A) confirmed the penalty. On appeal the  assessee contended that he being in business of sub-brokerage, only commission could be considered as income and not total receipts and  sale consideration of shares sold by assessee on which it earned commission/brokerage was not turnover, and could not be constitute its turnover. Tribunal held that  it was only commission income earned by assessee which could be treated as its turnover and same falling well below limit prescribed by section 44AB for subjecting books of account to audit, there was no case for assessee to have got its books audited in terms of provisions of said section. Penalty levied under section 271B is  deleted. (AY. 2016-17)