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2013 (4) TMI 392 - AT - Income TaxPenalty u/s 271B - non maintenance of books off account by the taxpayer as a civil contractor mainly engaged in government contract - Also penalty u/s 271A levied - Held that:- When the Parliament in its wisdom expects every person carrying on business including civil contract, this Tribunal is of the considered opinion that the excecutive authorities (CBDT) ought to have prescribed minimum required books of account. As decided in Babu Reddy case (2010 (3) TMI 918 - KARNATAKA HIGH COURT) and Aggarwal Construction Co. (2007 (1) TMI 203 - ITAT CHANDIGARH-B ) found that although books of account had to be prescribed, such books had not been prescribed under the Income-tax Rules in respect of business of civil contract. Accordingly deleted the penalty levied u/s 271A for not maintaining the books of account. Therefore, once the penalty for not maintaining the books of account was deleted, it is not known how the very same CIT(A) confirmed the penalty levied u/s 271B of the Act for not getting the books of account audited - thus the penalty levied u/s 271B is deleted.
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