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2020 (2) TMI 945 - AT - Income TaxPenalty u/s 271B - assessee failed to obtain Audit Report u/s 44AB - verification of turnover of the assessee - HELD THAT:- It is true that ‘ICAI’ issued guidance notes for tax audit u/s 44AB of the Act but since the working of calculation of turnover is not coming to the logical end from the material available on record to examine the justification of levy of penalty u/s 271B of the Act will be little early. In the assessment order A.O has not given correct finding and is mentioning about the books of accounts which the assessee has never maintained. The judgment referred and relied by the assessee will not help at this stage. Once the turnover as stated by the Ld. Counsel for the assessee is verified at the end of the Ld. A.O which is to be calculated on the basis of Guidance note issued by ‘ICAI’ for tax audit u/s 44AB of the Act, the question that whether the assessee was liable to get books of accounts audited u/s 44AB of the Act needs to be taken by Ld. A.O thereafter. Set aside all the issues raised in this appeal to Ld. A.O, to carry out necessary verification with the assistance of assessee who would file all necessary details in support of its contention that the turnover is only as held by Ld. CIT(A). However the Ld. A.O is directed to compute the turnover as per the guidance note on Section 44AB of the Act issued by ‘ICAI’ as well as the settled judicial precedence and provisions of law. - Decided in favour of assessee for statistical purposes.
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