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2010 (7) TMI 494 - AT - Income TaxPenalty - Assessee had the turnover of Rs. 43,49,986 in the share business which was not considered for auditing of accounts required under section 44AB of the Act, 1961 - . The only issue for consideration which is common in the Revenue’s appeal as well as cross-objection filed by the assessee relates to levy of penalty under section 271B of the Income-tax Act - The Assessing Officer, considering the provisions of section 44AB of the Act, levied the penalty at half per cent, of the total turnover of both businesses subject to maximum of Rs. 1,00,000 - on the decision of the hon’ble Supreme Court in the case of R.B. Jodha Mal Kuthiala v. CIT (1971 -TMI - 6273 - SUPREME Court) wherein it has been held that there was no presumption as to the tax – By the plain reading of the provision of the Section 44AB – It was held that the assessee, is not in dispute that the assessee had not got tax audit report in respect of share trading business having turnover of Rs. 43,49,986 - levy of penalty confirmed.
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