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2013 (11) TMI 114 - AT - Income TaxPenalty u/s 271A – Non maintenance of books of accounts – Held that:- It is very difficult to get an accountant at affordable cost in a remote village - Considering the remoteness of the village in which the assessee is carrying on the business and the nature of business conducted by the assesse – Reasonable cause for not maintaining books of account as required under section 44AA of the Act. Therefore, the assessee is entitled for exemption under section 273B of the Act – Decided in favour of assessee. Penalty u/s 271(1)(c) – Held that:- The assessee has not furnished any return in response to notice under section 148 and the assessee was having taxable income – deemed concealment – The assessed income as per the order of this Tribunal is more than the income actually returned by the assessee in all the years. Therefore, the difference between the income returned and income assessed is concealed income – Decided against assessee.
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