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2019 (3) TMI 911 - ITAT HYDERABADPenalty u/s 271A - assessee failure to maintain the books u/s 44AB - gross receipts had been arrived at ₹ 1,72,87,696/- and since it exceeded ₹ 1.00 crore - assessment order u/s 143(3) - according to the assessee his gross receipts were less than ₹ 1.00 crore and therefore, he need not have maintained the books of account - HELD THAT:- The gross receipts have exceeded ₹ 1.00 crore only because of treating the unexplained cash credits also as turnover of the assessee. The AO has made the addition to the turnover because the assessee could not explain the cash credits but there is no positive evidence that all these deposits are the business receipts of the assessee. Therefore, by virtue of increase in the turnover due to the assessment order, the assessee cannot be expected to have maintained books of account u/s 44AB of the Act. Therefore, satisfied that the penalty u/s 271A is not leviable in this case. - Decided in favour of assessee.
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