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2023 (3) TMI 1364 - AT - Income TaxPenalty u/s 271B - owing to the cash deposits in the bank account and the sales turnover in the ITR the revenue levied penalty considering the deposits as turnover of the assessee - assessee is a commission agent of Gujarat Milk Cooperative Federation having milk booth at Darya Ganj, Delhi and earning a commission margin @ 0.55% to 12.16% per unit on butter milk to paneer HELD THAT:- Since, the assessee only a commission agent and earns margin as prescribed in Gujarat Milk Cooperative Federation rules as reflected in column 5 above , we hold that the penalty levied u/s 271B obliterated. Appeal of the assessee is allowed.
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