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2023 (4) TMI 561 - ITAT VISAKHAPATNAMPenalty u/s. 270A - Proceedings u/s. 272A(1)(d) - misreporting of the turnover - HELD THAT:- Admittedly, there is a suppression of turnover by the assessee while filing her return of income by declaring the income u/s. 44AD of the Act. Section 44AD is a presumptive taxation where 8% of the turnover is taxed as income. It is not acceptable by us that the assessee’s Accountant has mis-reported the turnover by reverse working. We are also unable to understand when the profits are declared under presumptive basis, why the Profit & Loss Account was prepared showing the same profit as filed under the return of income. Assessee has also not disputed the VAT turnover and the estimation of income on the VAT turnover by the Ld. AO. CIT(A)-NFAC has rightly determined that the assessee has misreported the turnover attracting the penal provisions u/s. 270A of the Act and hence confirmed the penalty u/s. 270A of the Act levied by the Ld. AO. We therefore find no infirmity in the order of the Ld. CIT(A)-NFAC and hence no interference is required. Accordingly, the grounds raised by the assessee in this regard are dismissed.
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