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2018 (8) TMI 1370 - HC - Income TaxPenalty u/s 271B - AO observed that, assessee had got prepared a bogus / fabricated audit report - AO initiated penalty proceedings under Section 271B of the Act as the appellant failed to produce books of account and audit report under Section 44AB of the Act. - Held that:- The statement of assessee was contradicted and controverted by the Chartered Accountant in his statement, who had stated that he had not examined books of accounts - The facts reveal blatant and brazen defiance of law and Section 44AB of the Act. The contention of the appellant-assessee that he had not maintained books of accounts etc. and, therefore, penalty under Section 271B of the Act for failure to get books of accounts audited, is unacceptable. Appellant-assessee, in making this submission, contradicts his earlier version that the books of accounts had been misplaced. Even otherwise, failure to maintain the books of accounts was a lapse and a failure to comply with statutory provisions. - Levy of penalty confirmed - Decided against the assessee.
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