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2023 (2) TMI 1221 - ITAT KOLKATAPenalty u/s 271B - assessee not getting the books of account audited u/s 44AB - reasonable cause u/s 273B - assessee is an individual and is engaged in the business of mobile recharging and earns income from commission from sale of such recharge coupons of Idea Cellular - AO took basis of cash deposited in the bank account treating it as sales turnover - HELD THAT:- As considering the fact that assessee is receiving commission income and tax is deducted at source by the Telecom company treating the cash deposits as amount collected on behalf of the Telecom company from various customers and deposited in the bank account and commission on such deposits is given by the Telecom company. The reasons cited by assessee prima facie found to be reasonable because the assessee was under bonafide belief that he was not liable to get the books of accounts audited as the commission income was below the threshold limit and this was the first year of the business venture taken up by the assessee and thus assessee’s case is covered u/s 273B. Since the assessee has a reasonable cause for not getting the books of account audited, he should not be visited by penalty u/s 271B of the Act - Appeal of the assessee is allowed.
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