2019 (3) TMI 911

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..... 00 crore and therefore, he need not have maintained the books of account - HELD THAT:- The gross receipts have exceeded ₹ 1.00 crore only because of treating the unexplained cash credits also as turnover of the assessee. The AO has made the addition to the turnover because the assessee could not explain the cash credits but there is no positive evidence that all these deposits are the busine .....

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..... een arrived at ₹ 1,72,87,696/- and since it exceeded ₹ 1.00 crore, the assessee was required to maintain the books u/s 44AB of the Act and the assessee has failed to do so. Since the assessee failed to appear and show cause as to why the penalty should not be levied, the AO levied the penalty of ₹ 25,000/- u/s 271A of the Act. Aggrieved, the assessee preferred an appeal before th .....

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..... ss receipts were less than ₹ 1.00 crore and therefore, he need not have maintained the books of account. The gross receipts have exceeded ₹ 1.00 crore only because of treating the unexplained cash credits also as turnover of the assessee. The AO has made the addition to the turnover because the assessee could not explain the cash credits but there is no positive evidence that all these .....

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