A system (100; 200) for generation of a musical notation from an audio signal, wherein the system comprises at least one processor that is configured to: obtain the audio signal from an audio source or a data repository; process the audio signal using at least one first machine learning ML model to generate a recognition result, wherein the recognition result is indicative of a pitch and a duration of a plurality of notes in the audio signal and their corresponding confidence scores; generate a preliminary musical notation using the recognition result; process the preliminary musical notation using at least one second ML model to determine whether the preliminary musical notation includes one or more errors; and when it is determined that the preliminary musical notation includes one or more errors, modify the preliminary musical notation to generate the musical notation that is error-free or has lesser errors as compared to the preliminary musical notation; characterised in that, when processing the preliminary musical notation using the at least one second ML model, the at least one processor is configured to: identify at least one phrase in the audio signal, based on a plurality of phrases in a plurality of audio signals belonging to a second training dataset using which the at least one second ML model is trained, wherein the at least one phrase comprises a sequence of notes that occurs between two rests; determine whether a pitch and/or a duration of the sequence of notes in the at least one phrase mis-match with a pitch and/or a duration of notes in one or more of the plurality of phrases; and determine that the preliminary musical notation includes the one or more errors, when it is determined that the pitch and/or the duration of the sequence of notes in the at least one phrase mis-match with the pitch and/or the duration of notes in one or more of the plurality of phrases. obtain the audio signal from an audio source or a data repository; process the audio signal using at least one first machine learning ML model to generate a recognition result, wherein the recognition result is indicative of a pitch and a duration of a plurality of notes in the audio signal and their corresponding confidence scores; generate a preliminary musical notation using the recognition result; process the preliminary musical notation using at least one second ML model to determine whether the preliminary musical notation includes one or more errors; and when it is determined that the preliminary musical notation includes one or more errors, modify the preliminary musical notation to generate the musical notation that is error-free or has lesser errors as compared to the preliminary musical notation; characterised in that, when processing the preliminary musical notation using the at least one second ML model, the at least one processor is configured to: identify at least one phrase in the audio signal, based on a plurality of phrases in a plurality of audio signals belonging to a second training dataset using which the at least one second ML model is trained, wherein the at least one phrase comprises a sequence of notes that occurs between two rests; determine whether a pitch and/or a duration of the sequence of notes in the at least one phrase mis-match with a pitch and/or a duration of notes in one or more of the plurality of phrases; and determine that the preliminary musical notation includes the one or more errors, when it is determined that the pitch and/or the duration of the sequence of notes in the at least one phrase mis-match with the pitch and/or the duration of notes in one or more of the plurality of phrases. identify at least one phrase in the audio signal, based on a plurality of phrases in a plurality of audio signals belonging to a second training dataset using which the at least one second ML model is trained, wherein the at least one phrase comprises a sequence of notes that occurs between two rests; determine whether a pitch and/or a duration of the sequence of notes in the at least one phrase mis-match with a pitch and/or a duration of notes in one or more of the plurality of phrases; and determine that the preliminary musical notation includes the one or more errors, when it is determined that the pitch and/or the duration of the sequence of notes in the at least one phrase mis-match with the pitch and/or the duration of notes in one or more of the plurality of phrases.