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2017 (6) TMI 1042 - ITAT JAIPURPenalty u/s 271B - not getting the books of account audited as required U/s 44AB - Compulsory Tax Audit - Held that:- CIT(A) confirmed the penalty by relying on the decision of S.J. Agarwal & co. Vs. ITO (2007 (2) TMI 285 - ITAT PUNE ) wherein the assessee filed trading account and P&L account showing figures and decimals while in assessee’s case return was filed U/s 44AB of the Act and no trading and P&L account and balance sheet was filed. Further in the case of S.J. Agarwal & co. Vs. ITO (supra), the Assessing Officer gave a finding that the assessee was maintaining books of account, which were not got audited and in that case no penalty U/s 271A for not maintaining the books of account were levied. Thus, the case law relied by the ld CIT(A) is distinguishable on the facts itself. Therefore, the reliance of the ld. CIT(A) for sustaining the penalty is not justified. - Decided in favour of asessee.
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