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2020 (1) TMI 865 - AT - Income TaxPenalty u/s 271B - failure to get the books of accounts audited u/s 44AB - additions towards unaccounted sales - computation of turnover - HELD THAT:- As decided in VINAY AGRAWAL VERSUS ITO-1 (2) UJJAIN [2019 (11) TMI 97 - ITAT INDORE] relying on ATYA PRAKASH MUNDRA VERSUS INCOME TAX OFFICER, KISHANGARH. [2019 (2) TMI 157 - ITAT JAIPUR] held that addition made by the Assessing Officer during the assessment proceedings on the basis of unaccounted sale cannot be regarded as the turnover for the purpose of Section 44AB of the act because the documents relied upon by the A.O. are neither the part of books of account nor would substitute the books of account or constitute the books of account of the assessee regularly maintained. Books of account maintained by the assessee in regular course of business cannot be substituted by the material gathered by the Assessing Officer in the course of some survey in the case of third party though the said material may be relevant evidence for making the addition to the income of the assessee. Hence, in view of the facts and circumstances and following the earlier decision of this Tribunal, the penalty levied U/s 271B of the Act is deleted. - Decided in favour of assessee.
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