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2014 (1) TMI 1582 - AT - Income TaxPenalty u/s 271B - Tax Audit - The assessee failed to furnish bonafide reasons for not getting the books of accounts audited either before the AO or the FAA - Held that:- The assessee's total turnover of the business in transacting shares was higher than the prescribed limit u/s 44AB - It does not differentiate between commodities sold under the head speculative business or normal business - The provision of section 271B of the Act is an enabling provision empowering the AO to direct payment of penalty for non-compliance with the provisions of section 44AB. Section 271B has to be read with provisions of section 44AB of the Act - Decided against assessee.
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