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2018 (11) TMI 211 - AT - Income TaxLevy of penalty u/s 271B - assessee failed to get the accounts audited as per Section 44AB(a) - Held that:- The assessee did not declare correct income in the return of income and that the assessee had not only income from plying of the six trucks but was also doing business of hiring trucks from which the assessee also earned business commission income and that is why the gross receipts of the assessee has exceeded ₹ 1 crore. Since the gross receipts of the assessee have admittedly exceed ₹ 1 crore, therefore, provisions of Section 44AB(a) clearly apply in the case of the assessee. The other provisions contained u/s 44AB(b,c,d) would not apply in the case of the assessee. Since the assessee failed to get the accounts audited as per Section 44AB(a) of the Act, therefore, assessee is liable for penalty u/s 271B of the Act. The assessee did not make out any case of reasonable cause so as to claim immunity from the penalty. - Decided against assessee.
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