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2013 (1) TMI 234 - ITAT PUNEPenalty u/s 271B - Tax Audit u/s 44AB - Turnover - Speculative transaction - failure to get the accounts audited by a Chartered Accountant as per 44AB - assessee is an HUF which is engaged in online trading in commodities - Held that:- As the transaction of buying and selling of commodities is a speculative activity where no physical delivery is taken or given and in this view of the matter, following the parity of reasoning given in the case of Growmore Exports Ltd. (2000 (6) TMI 774 - ITAT MUMBAI), herein also inclined to hold that there was no turnover constituted in the amount of Rs. 1,86,66,488/- for the purposes of considering the liability of assessee to get the accounts audited u/s 44AB and hence, there was no requirement to get the accounts audited u/s 44AB. Thus, the penalty u/s 271B imposed by the AO is hereby directed to be deleted - in favour of assessee.
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