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2019 (9) TMI 725 - AT - Income TaxPenalty u/s. 271B - Non compliance to provisions of section 44AB - assessee has shown entire receipt as income - assessee has received commission for which has neither got his books of account audited nor furnished report on such audit as required u/s 44AB - HELD THAT:- On a conjecture reading of provisions of section 44AB and Section 271B of the Act, we noted that it is a mandatory provision that the assessee should get his books of account audited having turnover of more than ₹ 60 lakhs. In the present case, undisputedly, the admitted facts are that the gross receipts of ₹ 64,16,667/- and ₹ 67,51,712/- for the assessment years 2010-11 & 2011-12 and the assessee did not audit his books of account during the relevant financial period. We are unable to see any safeguard in the said provisions in a situation when the assessee has shown entire income/receipts without claiming any expenditure or deduction. Therefore, the contention of the assessee is devoid of any merits and same is dismissed. - Decided against assessee.
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