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2018 (1) TMI 1292 - AT - Income TaxPenalty u/s 271A - violation of provisions of section 44AA - non-maintenance of books of accounts - Held that:- Assessee has clearly violated the provisions of section 44AA when the turnover of the assessee is exceeding minimum limit provided under the said provisions. Though the total income of the assessee was assessed by the AO as per the transaction recorded in the bank account however, the bank account of the assessee cannot be accepted or regarded as books of accounts and therefore, the bank account will not substitute the books of accounts to be maintained by the assessee. It is a clear case of non compliance of the provisions of section 44AA of the Act. Therefore, in the absence of bonafide explanation the penalty levied u/s 271A is justified - Decided against assessee.
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