System and method for generation of musical notation from audio signal

A system for generation of a musical notation from an audio signal, the system comprising at least one processor configured to: obtain the audio signal from an audio source or a data repository; process the audio signal using first machine learning (ML) model(s) 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 second ML model(s) 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.